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Administration Guide - Miscellaneous
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When must I pay my premiums?
Premiums are payable on the first day of each month by means of a debit order in favour of Credit Guarantee.
What does 'maximum liability' mean?
It is the cumulative maximum sum for which we will be liable in respect of claims arising during each insurance year.
It is very important that you check regularly whether this amount is sufficient to cover your outstanding's at any time. Otherwise you could find that you are not adequately covered in the event of a cause of loss.
What must I do if a shipment is to be made to a customer who is already more than 30 days overdue, or who has not met a bill of exchange or a promissory note due more than 15 days ago?
You must consult us. Without our specific approval further shipments would not be covered.
This also applies in a case where the buyer has paid to his own bank but the bank cannot transfer the amount to South Africa because of lack of foreign exchange or because of political circumstances or a shortage of foreign exchange in the buyer's country.
How do I submit a claim?
Complete and submit a claim form (see link below). The claim form is self-explanatory and
specifies the documentation required.
 Click here to view the sample form
You are, however, free to ask our assistance
in completing the form. You will then be informed of any further action you should take.
How does the "insured percentage" stated in the schedule of my policy affect the cover provided?
In the event of a loss covered by the policy, we will indemnify you to the extent of the insured percentage of the amount of loss that you sustained and if the amount outstanding is greater than the credit limit value, the insured percentage of this credit limit value.
Thus you retain for your own account that portion of the loss which is not covered by the insured percentage.
If salvage is recovered in respect of a loss sustained, it is divided between us in the same proportion in which the loss was suffered.
What are the standard terms of payment acceptable in terms of our policy?
cadLC: Cash against presentation of shipping documents from an irrevocable letter of credit opened or confirmed before shipment of the goods by a bank in the buyer's country and not confirmed by a bank in South Africa.
cad: Cash against presentation of shipping documents through a bank in the buyer's country.
1-3m: Open credit - including accepted bills of exchange - payment to be made by not later than three months after date of shipment or month-end statement or delivery or arrival of the goods.
4-6m: Open credit - including accepted bills of exchange - payment to be made later than three months but not later than six months after date of shipment or month-end statement or delivery or arrival of the goods.
1-3mLC: Payment from an irrevocable letter of credit opened and/or confirmed before shipment of the goods by a bank in the buyer's country and not confirmed by a bank in South Africa and payable after, but not later than three months from the date of presentation of the shipping documents. Payment under the letter of credit may not be conditional upon any action or discretion of the buyer.
4-6mLC: Payment from an irrevocable letter of credit opened and/or confirmed before shipment of the goods by a bank in the buyer's country and not confirmed by a bank in South Africa and payable after three months, but not later than six months from the date of presentation of shipping documents. Payment under the letter of credit may not be conditional upon any action or discretion of the buyer.
TT7d: Telegraphic transfer within seven days from the date of shipment. This rate will only apply provided you actually receive payment in South Africa within seven days from date of bill of lading. Otherwise cad rate or, where documents are released before payment, open credit premium rates will apply.
What must I do if a shipment is made on terms not included in the policy?
You should ask us if we can include the new terms in the policy. Cover only extends to transactions concluded on terms of credit within the period of credit shown in the schedule to the policy.
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