World’s first salmon trading insurance partnership created

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JET Seafood – the company behind online seafood trading marketplace Seafoodportal.com – and credit insurance company Euler Hermes partner to offer instant trade credit insurance.

In a joint press release, JET Seafood and Euler Hermes have announced that the first insured transaction at Seafoodportal.com took place on Friday November 8th 2019.

Norwegian seafood tech company JET Seafood’s platform is a secure centralised marketplace where salmon farmers, sellers, and traders can conduct business whilst reducing risk and increasing the security of their accounts receivable.

Now, seafood producers and traders can assess the creditworthiness of potential buyers and insure a trade on the spot, backed by the security of the world’s largest trade credit insurance company Euler Hermes, part of the Allianz Group.

Trade credit insuruers Euler Hermes specialise in the areas of surety, collections, structured trade credit and political risk.

“Disrupting of a mature market, JET Seafood’s digital marketplace enables anonymous sellers and buyers to get transparent prices, an overview of supply and demand, improved liquidity and increased market access. This facilitates the equal opportunity trading of seafood products, specifically salmon, and creates market efficiency, better price discovery and supply chain security for seafood producers in Norway and beyond,” it said in the release.

The technical integration between the seafood tech company and Euler Hermes allows users of the platform to insure their accounts receivable trade by trade when trading seafood at the Seafoodportal.com.

This means that during the sales process, salmon farmers and other approved members of the site can instantly credit check and purchase credit insurance on individual trades, ensuring that if a buyer fails to pay, or goes bankrupt, the payment is guaranteed.

“Euler Hermes believes that there is a growing market for trade credit insurance adapted for small and medium-sized enterprises. Offering single invoice insurance services through financing platforms and innovative marketplaces around the world such as the Seafoodportal.com opens that market,” it added.