The Farm Trader Pty Ltd has taken out a credit insurance policy against the risk of the insolvency or non-payment of buyers who purchase grain via the Farm Trader website. The insurance is provided by Atradius Credit Insurance NV and has been arranged for us by Farm Trader’s broker, National Credit Insurance (Brokers). Whilst Farm Trader is the insured under this policy, all eligible grain growers registered on the Farm Trader website may potentially be beneficiaries to the policy. Certain terms and conditions of the insurance policy, including specific exclusions, will apply to eligible beneficiaries and these are summarised in an information sheet which can be accessed via the
Farm Trader website.
A copy of our insurance policy is also available in PDF format and can be downloaded
here.
Please note that Farm Trader does not provide any advice or recommendation about the suitability or availability of insurance. You should obtain your own advice as to the suitability and sufficiency of this insurance in relation to your company.
In summary
All grain growers/sellers currently registered with Farm Trader who operate as a Pty Ltd company, Partnership or Sole Trader, with a current ABN are potentially able to access this insurance coverage and must be nominated and approved as a beneficiary on the policy.
Those trading as a trust, transport company, grain trader/buyer, broker or any company that already holds a credit insurance policy, are not eligible for the benefits of this insurance and will not be accepted by Atradius. The cover only relates to grain sale transactions through the farmtender website.
All buyers must be approved by Atradius for insurance cover and are provided with a trading credit limit. Sales to each buyer cannot exceed credit limit approved by Atradius.
The policy will cover you for Insolvency or non-payment of approved buyers for amounts greater than $10,000 (excluding GST). You will receive 90% of any claimable amount.
Under the compliance of the policy, You as a beneficiary, must inform The Farm Trader when you become aware of an adverse event with your buyer. This includes:
A bounced cheque
Repayment plan
Overdue payments
Please contact The Farm Trader or your broker National Credit Insurance (NCI) on 02 9458 2600 if you have further questions.
* Must be registered to bid
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