AXIS Insurance Company submitted a form filing in North Carolina for a new Trade Credit insurance product called “2025 Navitas Initial Filing.” The product is tailored for companies involved in the buying, selling, processing, and transportation of physical energy commodities and is designed to protect sellers against non-payment due to buyer default or insolvency.

The core policy (NAV-002A) covers losses when payment remains outstanding beyond a defined waiting period and a valid credit limit is in place. The filing includes several endorsements, such as those addressing changes in credit limits, eligible countries, additional named insureds, and premium structures based on reported exposure or variable buyer rates. Notably, it features two Liquidated Damages endorsements, covering losses when a buyer or supplier cannot fulfill energy contracts due to insolvency, and limits payouts to the difference between contract and market value.

Exclusions span overdue receivables, undisclosed affiliate sales, acts of war, fraud, and insolvency at the time of sale, among others. Claims require written demand at least 30 days prior and must be submitted no later than 120 days after the waiting period ends. Disputes are subject to arbitration in Houston, Texas.

The North Carolina-specific endorsement (NAV-014 (NC)) modifies legal action timelines, requiring lawsuits to be filed within 36 months of submitting a Proof of Loss. The policy includes a sanctions clause and restricts termination rights to the insurer under specific conditions.