Client Profile
Industry: Real Estate
Specialty:  Real estate development services for residential and commercial properties​
Location: New York
Claim Information
Description:  A major customer of our Insured filed for bankruptcy and refused to pay several months of rent while actively occupying the space. The Insured attempted reasonable mitigation efforts in an attempt to collect the debt with an unsuccessful result. Once the bankruptcy proceeding concluded, the full revenue loss to the Insured was finalized. Through their Captive's Actual Net Loss Insurance Policy "Trade Credit" coverage, they were able to recoup their lost income.
Line of Coverage: Trade Credit
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $750,000.