How does the insurance work?

How does insurance work?

1. At the latest before the first delivery, you should apply for a credit limit for the buyer, which we will approve by a credit limit decision.

2. The buyer is provided with the goods or service regarding which an invoice with a due date is issued.

3. If the buyer fails to pay the invoice by the agreed due date, the initial collection period begins. During this period, the policyholder is in charge of collection, sending reminders to the buyer. When the extended payment term begins, the insurance coverage no longer extends to further deliveries and you will have to send us a non-payment notice within 30 days. Also inform us if you have received any negative information about the buyer.

4. When the non-payment notice has been given, a third party – the insurance company or a collection company – must be involved in the collection process. During the agreed period (usually 6 months after the due date), the debt will be collected with the help of the collection company. If the buyer still fails to pay or goes bankrupt during this period, it is an insured event and the company can apply for an insurance indemnity.

5. The insurance company will review the application for the insurance indemnity and make a decision within 30 days after receiving all the necessary documents. The insurance indemnity will be paid within 15 days.