Incorporating Credit, Political Risks, Surety, Terrorism, Kidnap & Ransom and Products Recall, Vibe is able to deliver a multitude of risk solutions for crisis management purposes. The credit class protects the buyer against insolvency and protracted default. Credit insurance provides a business with protection against the failure of a customer to pay their trade debts. These risks are usually described as ‘commercial’ risks. Surety is a tri-party agreement between a Principal, an Obligor and a Surety. The portfolio is well spread geographically with programmes in North America, South America, South Africa, Australia, and Europe.
The surety element of the portfolio typically does not correlate with the Credit and Political Risks business. The terrorism portfolio, which includes a small amount of War, is written in conjunction with Credit and Political Risks from customers who look for cover across their associated business lines, or on a standalone basis. Product recall includes pre-recall expenses, recall costs, destruction and replacement costs, redistribution costs, business interruption and extra expenses. Kidnap and Ransom is aimed at reimbursing the insured for ransom costs arising due to non-terrorism related criminality.
The crisis management side of the business makes up a small part of the overall book, however we will be looking to grow this in proportion with the other classes of business mentioned above in the near future. This type of business is usually written to cover losses occurring worldwide on an XoL basis.