What is a Notifiable Event?
Any circumstance that could affect the creditworthiness of your customer, or causes you to believe that they may unable to pay your invoice. Notifiable Events include:
Your customer being unable to pay you on or before the agreed deadline.
Your customer failing to honour the agreed payment terms at any time.
Your customer failing to pay you in full by the agreed deadline.
Your customer becoming insolvent or entering administration.
What must I do if any of these events occur?
You must report any notifiable event to Nimbla within 5 days. If any of the above events occur and you do not tell us promptly, you may not be able to claim.
Please note that as part of Nimbla's Terms and Conditions, policyholders must also place any overdue payments for collection by a debt collection facility. We include the services our sister company Koguda at no extra cost, though you may request the use of another third party company. As stated in your Insurance Policy Information Document, it is mandatory to place insured debts with a debt collection facility once they are overdue by 67 days.