General Credit Insurance Policies

You set up general policies when you want to use one policy for multiple customers or for a specific customer base. To set up a general policy, determine the liability of customers over a specific period. If you determine that the insured limit is insufficient or that a customer has too much coverage, you can adjust the policy with the insurance company and update the insured policy amount.

When you set up multiple general policies, you must keep track of the customers covered by the policy separately. You can do this by adding an attachment to the policy and listing the customers, using category codes, or by tracking them separately on an Excel spreadsheet.

You can review and validate these policies on a monthly basis using reports. Then, for example, you can return to the insurance company and adjust the policy amount when the need arises. You can use these reports to review information for general credit insurance policies:

• A/R Details with Aging (R03B4201B)

• Open A/R Summary Analysis (R03B155)

• Currency - Foreign/Domestic with Aging (R03B429C)