What’s New: In Brief (March 31, 2009)

Export Development Canada is assessing the extent of its existing accounts receivable insurance (ARI) coverage for Canadian automotive industry suppliers, according to the Government of Canada.
ARI covers the full book of business for up to 90% of a businesses’ losses against such commercial risks as a customer refusing to pay; refusal to accept the goods; bankruptcy or insolvency; cancellation of import or export permits; currency transfer; war, revolution, or insurrection; and contract cancellation.
According to a Reuters report, Canada’s Automotive Parts Manufacturers’ Association had noted this month that EDC would not provide ARI on future orders from Lear Corp, ArvinMeritor and Chrysler LLC.
Reuters notes as well that the U.S. government, as part of its aid plan for auto parts suppliers, would include coverage on receivables from these companies.
“What we’re going to do is look at the U.S. plan and see how it’s covering non-creditworthy suppliers and to see whether it’s appropriate to extend our plan in that direction,” a senior government official is quoted as telling Reuters.

WeatherBill has released a new platform that automates weather coverage pricing, transaction processing and risk management functions while providing full automated client, broker and internal sales application.
WeatherBill White Label powers branded third-party weather insurance and weather derivative programs with a turnkey white label platform.
It allows insurance companies to offer weather coverage products, on their paper, without requiring any associated or technology investments, according to a release.