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Domestic Business Builder Policy
Administration Guide - Premiums

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How are premiums charged?
The monthly premium reflected in the schedule to the policy must be paid upon acceptance of the policy, and will become payable every month thereafter. Payment by a debit authorisation is the preferred method of payment, however, on request, an alternative may be considered.


Can my premium change?
One month prior to the end of the insurance year, you will be required to submit an updated debtor’s age analysis and the turnover achieved to date. A further analysis will be conducted based on that to be covered which may result in a change in the premium charged.

Credit Guarantee does however maintain the right to alter the conditions of cover by giving you one month’s written notice.

What could happen if I don't pay my premium?
You will have prejudiced your rights under the policy and we would be entitled to cancel your policy and repudiate any claims which may be lodged against us.

How are premiums calculated?
Upon the commencement of the policy, Credit Guarantee conducts an analysis of your debtor’s book to ascertain the percentage of your book that will be covered. In some instances Credit Guarantee may not be in a position to cover all your debtors which will be taken into account in the analysis.

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