Marine credit insurance specialist broker Seacurus Ltd has launched a new product tailored to the marine fuel sector.
The product, BunkerSEACURE, is designed to provide balance sheet protection against the risk of non-payment following the supply of marine fuels to customers on agreed credit terms, the company said.
Seacurus managing director Capt. Thomas Brown said: "BunkerSEACURE is designed to provide true balance sheet protection, by effectively substituting an unknown and unbudgeted level of bad debt with a pre-determined and budgeted premium cost, thereby minimising the impact of bad debts on a company's bottom line.
"In an industry where margins are 'thin', delinquent debts can have a major impact on a company's profitability and cash flow."
