Exclusions from Cover

Things to be aware of when looking at Nimbla policies to ensure they’re right for you and that your claim will be paid

As with all insurance policies, we have terms and conditions that come with your policy. Before any purchase you will be asked to confirm that you have read these, alongside the policy IPID. For the most extensive list of possible exclusions please check your policy terms and conditions before purchase. However, some key ones are listed below:

  1. We want to ensure you get paid – and insolvencies can take some time. For that reason, our policies require you to pass your debts to a debt collection agency once they have reached 45 days past the original invoice due date. If you have your own preferred agency, simply contact us to ensure they are an approved entity and so we know they’re on the case. If you do not, we have partnered with Darcey Quigley collections who will be able to help, see our FAQ article here for further information.
  2. Similar to the above, if an invoice reaches over 60 days past the due date, your policy requires you to begin legal proceedings to recover these debts. In our experience the faster a supplier acts, the more likely they are to be paid – hence it features in our terms and conditions.
  3. If you have an invoice that is over 45 days overdue when you issue another invoice, we cannot cover that invoice. If you insure all of your invoices through Nimbla, and keep the payment status of invoices updated, the platform will automatically prevent you taking out further cover with significant aged debts outstanding. However, if you are new to Nimbla, or new to insuring an existing debtor through us, it is important that you ensure you are not contravening this exclusion before you purchase – otherwise we will be unable to pay your claim.
  4. Unless explicitly stated in your policy terms and conditions, we can only pay claims when an insolvency event occurs. This means the majority of our products do not cover protracted default, nor are we able to pay out on a company that is simply “struck off” the register. Please ensure you are clear on what your policy does and does not cover before you purchase.
  5. Our single invoice policy will not cover an insolvency event that occurs within 7 working days of policy purchase. However, here at Nimbla we are looking to help support your consistent relationships with your buyers – for that reason, this goes down to 2 working days for any subsequent policies insuring that same buyer. So if it is the first time you insure , the insolvency event must occur more than 7 working days after policy purchase. If it is the second, third, fourth etc policy against that buyer, the exclusion reduces to 2 days.
  6. We can only insure valid invoices – make sure that the details of your invoice are input correctly on our system, and that your buyer is who they say they are. We cannot cover incidences of fraud, so please perform your own due diligence to ensure the buyer is legitimate. Likewise, disputed invoices are not covered – please make sure you keep/issue sufficient documentation to support your invoices, especially if looking to submit to Darcey Quigley for debt collection. With regards to invoice details, review the policy schedule ahead of purchase, or contact [email protected] for details of how to sync your accounting platform (where available) with your Nimbla portal – so details will come across automatically.

As a reminder this list is not exhaustive and always ensure you have read and understood the terms and conditions of your specific policy, alongside any obligations you are agreeing to. If anything does not make sense to you, or you require further information or assistance, our support team can be reached weekdays between 9:30am and 5:30pm at [email protected] via email, or by phoning 020 3984 8833.

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