Process › Process & Documentation › Iria


At the enquiry stage, we will discuss the transaction with you until we have a thorough understanding of your needs. Your track-record, if any, in the country and with that counterparty is particularly important. For private obligors, we will usually require their latest financials.

Non-Binding Indications

We will approach all insurers likely to have an interest in the risk and revert back to you with their responses. If positive, initial responses will be in the form of non-binding indications (NBIs). For each insurer, NBIs will primarily include: 

  • Capacity / Line size (the currency amount, or the percentage of the transaction, the underwriter is willing to cover)
  • Insured percentage (how much risk the insured must retain)
  • Premium rate
  • Conditions that must be satisfied prior to binding (called “subjectivities”)

Drafting of the insurance documentations

Once we have successfully gathered the required capacity at competitive terms and once you decide to proceed, we will ask you to provide any additional information required, including the deal documentation or contract and also ask you to complete and sign a Proposal Form (or Application Form). We will then draft the policy documentation for your reviews. This will then be submitted to the insurers and negotiated until mutual agreement is reached on the policy wording.

Binding of cover

Coverage is only bound once all participating insurers have stamped and signed the policy documentation, without any unresolved subjectivities. We will confirm via email as soon as coverage is bound, attaching a scanned copy of the policy documentation agreed and signed by the insurers. We will then send you our formal confirmation of coverage, along with our Debit Note (invoice) for payment of the premium.


Once coverage is bound, we will work with you until completion of the underlying transaction including day to day administration and, most importantly, in the event a loss occurs and a claim needs to be filed. We will help you through the claim process to ensure prompt and equitable settlement of any valid claim.