In an effort to manage risk of loss due to bad debt, some businesses secure credit insurance. The policies are designed to insure receivables against loss. In the event of non-payment, a claim is made to the insurer in accordance with the terms of the policy. The insurer will attempt collection of the debt. If collection is not possible, the account is forwarded to a collection attorney. This firm has successfully represented insured (policy holders) in New York debt collection claims for over thirty (30) years.
A recent article from last weeks New York Times highlights the benefits and cost of using credit insurance. If you have any questions about how to collect a debt with or without credit insurance, contact Jocelyn Nager firstname.lastname@example.org 212-686-0100 ext 12.