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Your credit insurance questions answered
The more you know about Coface Credit Insurance, the more sense it makes. So here are quick answers to some of the questions we are asked most frequently. Need more detailed information? Got a different question? Ask us anything, and feel free to contact us at any time.
What determines the cost?
The price of Coface Credit Insurance is set according to your turnover and your business profile – including industry sector, number of customers and your previous loss history.
Can you cover all my domestic and international customers?
All your domestic and export customers can be covered unless there are any exceptions e.g. if the customer is associated with your company or a government-owned company or if there is a strong risk of a bad debt.
Why should I pay to cover my entire turnover? / I only need a few customers protected.
You can cover as many or as few customers as you like. Talk to Coface and we’ll help you find the most suitable, low cost high value option.
What if you won’t cover one of my customers?
If we’re unable to grant cover that means that the information we hold indicates a strong risk of a bad debt and that we don’t recommend using open credit terms. However, if you do decide to trade and suffer slow payment or a bad debt, you can submit the case to us and we will try to collect the debt.
Can I seek your advice on newly prospected markets?
We provide free analyses on country risk and the business environment for most countries around the globe.
Is an invoice covered if there’s dispute about it with a customer?
With Coface Credit Insurance your bad debt disputes are covered (according to policy terms and conditions)
How do I make a claim?
Claiming is straightforward and our dedicated client services team can guide you through the process. Once claims have been assessed and validated, they are paid within 30 days. There’s also an early claim payment option.
Is there a cost for arranging indemnity payment to my bank?
There is no cost to arrange this. We simply add the information to your contract.
Should I tell my customers that I have credit insurance, or will you tell them?
You may decide to tell customers as a sign that overdue invoices will be chased actively and as proof of your sound business management. However, should we ever need to contact a company who happens to be one of your clients we will not tell them that you have insurance, unless we have your approval.
How can I pay for the insurance?
You can pay by direct debit on a monthly or quarterly basis, or simply pay the whole premium upfront.
Do you provide specific cover for self-billing activities?
Businesses engaged in self-billing activities are exposed to specific risks, including the non-payment of invoices where the buyer themselves prepare VAT invoices on behalf of the VAT registered supplier. You can request this type of cover at no extra cost.
Do you provide specific cover for the construction sector?
If you work in construction, you can request cover for these activities at no additional cost.
Businesses working in the construction industry are exposed to specific risks, including stage payment cover (Joint Contracts Tribunal) or similar forms of sales contract. Cover extends to the non-payment of invoices for goods delivered, work and services performed or in progress. Cover also extends to sales contract variations provided they have been instructed correctly and duly authorised.
Do you provide specific cover for the advertising industry?
Businesses working in the advertising industry are exposed to specific risks, including the non-payment of invoices for the performing of services, and non-cancellable forward bookings for media or advertising space. You can request cover for these risks at no additional cost.