Protection – Receivables and
profit safe-keeping
Collection services for outstanding amounts.
Compensation payment in case of non-collection.
Development – Enhancing your
client portfolio
Using insurance to increase sales towards the insured clients
from your portfolio as well as adding a new client to your portfolio.
Focus on your business by externalising the credit management activities to
the Insurer.
The possibility of assigning the policy to a third party (banks, suppliers,
etc) in order to facilitate financing.
Flexibility – Easy-to-use method
Time-saving by receiving a prompt positive answer.
Free consultancy to access the credit insurance.
Very few required documents (the insurance questionnaire only).
Advantages
Loss prevention
Customised contract according to the Insured’s needs and type of activity.
Ongoing monitoring of the company’s client portfolio.
On time notification on clients’ rating deterioration.
Loss minimisation
Debt collection services.
Ensures profit maximisation.
Representation of the Insured to creditors’ meetings.
Loss compensation
Rapid compensation in case of claims.
Avoiding cash flow problems.
Losses arising from defaults are transfered towards the Insurer.
The Characteristics of the insurance contract
Insured risks
- Commercial reasons: insolvency and protracted default.
- Political risk (for export policies only).
Insurance premium
- Will be established taking into account the insured turnover, as well as the maximum credit period given.
Credit limit
- Following an individual analysis for each buyer of the Insured.
- Established by the insured based on a previous commercial relation with no payment default or set on a credit report without negative information.
Complete collection services :
- In case of an overdue amount, Coface will start the collection proccedings for the entire outstanding amount based on a mandate from the Insured.
Indemnification
- 30 days from the notification of the insolvency, provided that the proceedings have been agreed by the court.
- after max. 5 months, period allocated for collection procedures.
Recoveries
After the indemnity payment, the recoveries will be for
the account of Coface.
If the recovered amount is higher than the paid indemnity, this will then be
paid to the Insured.
