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M A P Insurance® Beta is innovating in smart contract parametric insurance.


1.

Smart Contracts

Terms of the policy are agreed by all counterparties and are coded into smart contracts and cannot be changed without the parties knowing.


2.

Parametric Events

Parametric events trigger insurance policy execution.


3.

Execute and Value Transfer

Smart contract policy is automatically executed based on the pre-agreed terms.


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Smart Contract Credit Scores

Credit scores apply to smart contracts and are reported as a number, ranging from 300 to 850. Map Insurance will provide a credit score for users of Digital Tax Stamps. To learn more visit taxmap.io.


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Trade Credit Insurance

Trade credit insurance provides cover for businesses if customers who owe money for products or services do not pay their debts, or pay them later than the payment terms dictate. It gives businesses the confidence to extend credit to new customers and improves access to funding, often at more competitive rates. Trade credit insurance is for products and services that are due within 12 months.

With trade credit insurance, the policyholder knows their business is protected against both commercial and political risks that are beyond their control knowing that money owed to them will be paid. This helps firms to grow profitably, supporting them at all stages of the business cycle and minimising the risk to them of unexpected customer insolvency.

Trade credit insurers will generally cover two types of risk that a business can include in their cover:

  • Commercial risk - the risk that your customers are unable to pay the outstanding invoices because of financial reasons, for example, declared insolvency or protracted default.

  • Political risk - non-payment as a result of events outside the policyholder or customer’s control, for example, due to political events (wars, revolutions); disasters, (earthquakes, hurricanes); or economic difficulties, such as a currency shortage so are unable to transfer money owed from one country to another.

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