OREANDA-NEWS. September 16, 2009. The insurance company ROSNO concluded a contract with OJSC Economy Development Center (B2B-Center) for provision of insurance coverage of receivables for the participants of the Unified Electronic Commerce System B2B-Center (www.b2b-center.ru), reported the press-centre of ROSNO.

Receivables insurance enables protection of business of a manufacturer or vendor of goods and services in transactions which involve commercial credits extended on a payment-deferment or payment-by-installments basis. The insurance protection covers the risks of payment defaults or insolvency (bankruptcy) of counterparties. The insured accident is constituted by a protracted failure to pay or bankruptcy of a counterparty. The companies may register application for a pre-insurance expertise by ROSNO, including assessment of the counterparty’s creditworthiness and solvency and setting credit limits, in the B2B-Center system.

"Recently, the quantity of cases of a protracted failure to pay or bankruptcy of counterparties has been on the increase. These cases inhibit sales of goods and services on a deferred payment basis and obstruct realization of actual production potential of many Russian companies. Along with protecting against unforeseen costs, receivables insurance may be used as a collateral for funding working capital. Sometimes, it is the company’s largest asset. The service rendered by us to the participants of the Unified Electronic Commerce System B2B-Center will enable making this business safer, more technological and comprehensive", comments on the launch of this joint project Ms. Olga Afanasyeva, head of the development and promotion division in ROSNO’s Financial Risk Insurance Department.

"While the financial markets are volatile, companies need to protect their business against payment delays, bad liquidity, or bankruptcy of their counterparties. The new service launched by us jointly with one of the largest insurance companies will enable our clients not only to manage risks, but also to develop their business in these difficult times. We plan to further extend opportunities for the System’s participants", notes Mr. Alexander Boiko, Chairman of the Board of Directors of OJSC Economy Development Center (B2B-Center).

At present, the participants of the Unified Electronic Commerce System B2B-Center may use additional electronic services, including issuance of the electronic bank guarantee in 1 to 2 days, express lending, logistical calculations, and selection of an insurance company for various types of risk insurance.