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Product Information - Domestic Business Builder Policy

BENEFITS

  • Covers credit sales from date of delivery
  • Appropriate for companies that do not have an extremely large turnover or an established credit management team
  • Minimal administration on your part
  • Enhances security to your bank

RISKS COVERED
Non-payment of an insured debt1 due to the insured buyer's insolvency, which means any of the following events granted against your insured buyer2:

  • A provisional compulsory sequestration order,
  • Provisional acceptance by the court of a voluntary surrender of estate
  • A provisional winding-up order
  • Acceptance of a statutory compromise or scheme of arrangement binding on all creditors
  • A provisional judicial management order

Protracted Default, which is the failure to receive payment for an insured debt as evidence by a court judgment awarded in your favour.

Premium. Fixed amount payable monthly, which will be reviewed annually.

Insured percentage. The percentage of the insured debt that will be paid by Credit Guarantee in the event of loss.

Franchise loss. Select a level where you are comfortable and offer for cover your buyers above this value.

GENERAL EXLCUSIONS FROM COVER

  • Government buyers
  • Subsidiary / associated companies
  • Loss due to:
    • Any act of war
    • Any actual / al;ledged breach of contract by you.
  1. The gross invoice value excluding any form of tax which is owing to you
  2. A buyer on whom a credit limit has been granted

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