The Company shall indemnify the Insured for Loss incurred in connection with Eligible Shipment(s) and caused by the failure of the Buyer to pay to the Insured all or part of the Gross Invoice Value of the Eligible Shipment(s) within the Waiting Period.
The Insurer shall not indemnify any loss or damage as such following:
a) Losses caused by or resulting from the following shall not constitute a Loss and are not covered under this policy:
- Wrongful or dishonest acts or omissions of the Insured or its agents,
- Disputes between the Insured and the Buyer, unless and until each such dispute has been settled and the Loss is determined to be a valid and legally enforceable indebtedness of the Buyer, its legal representative or successor in interest,
b) Losses relating to any of the following Buyers and/or receivables are not covered under this policy:
- Any Buyer that, as of the first day of the Policy Period, is insolvent or more than ninety (90) days past due in any payment obligations to the Insured,
- Any Buyer with which the Insured has, during the twelve (12) months immediately prior to the first day of the Policy Period, rescheduled or extended the Due Date of any amounts owing for longer than the Maximum Extension Period, unless coverage for such Buyer is specifically approved by the Company,