Garanza, a company authorized by the National Insurance and Bonding Commission (C.N.S.F) to broker and manage products related to credit insurance, offers the implementation of ensuring the sales that your company carries out on credit with different clients national or foreign moral persons.
What is Credit Insurance?
Credit insurance covers non-payment, insolvency or late payment of national accounts receivable and / or export (between a seller and his buyers).
Why is it important to have this insurance scheme?
The current economic situation of the country and abroad requires that modern companies in Mexico that are managed efficiently, need to have protected the flow of their operations and consequently their patrimony on possible defaults of payment for sales made on credit with their customers who Imply slowing down the development of its operations and projects, causing delays, high recovery costs and economic losses derived from bad debts.
What does credit insurance cover?
Non-payment, insolvency or late payment of national and / or export accounts receivable.
The risks covered are:
- Commercial risk: This risk includes the insolvency of payments of some buyer as well as the prolonged delay on the part of this buyer. This type of risk is covered by insurance, whether domestic or foreign buyers.
- Political Risk: This risk can be given by regulations of foreign governments where the buyer is. The most common examples of political risk are the non-transferability and inconvertibility of foreign exchange, the embargo of imported merchandise, the cancellation of import licenses and war between countries.
Credit insurance protects the most important asset of the companies “Accounts receivable”, derived from sales on credit that you make, maintaining the programmed cash flow.
What are the benefits of hiring Credit Insurance?
The company when acquiring the insurance policy will count on the part of the insurer with:
- Risks prevention: Of the portfolio, with the investigation, monitoring and supervision of the debtors.
- Collection: Of the overdue accounts by friendly or judicial means.
- Compensation: Failure to pay for long-term debt or insolvency.
Allows you to sell more safely with:
- New markets or customers.
- To export markets.
- To existing customers, opening or extending credit.
- Reduction in research, collection and financial expenses.
- Significant reduction in your losses due to non-payment.
- Eliminates unforeseen and serious risks, which can endanger the existence of the company.
- Protection of cash flow as your most important asset.
Services offered by Garanza to the insured company
- Support in the implementation of the insurance program in conjunction with the insurer that is chosen, establishing the internal procedure to be carried out with the areas of sales and collection of the company to be agile and effective the insurance of its customers.
- Obtain consensus with the insurer that allow the company to establish with the areas of collection and legal procedure for claims of overdue billing collections in a timely manner due to accidents.
- Inform with opportunity to the company of those domestic or foreign clients about the process of acceptance or rejection in their assurance by the insurer in accordance with their subscription policies.
- Control and sales management that the company makes on credit, requesting in a timely manner the information required by the insurer to ensure that all invoices are insured from qualified customers.
- Support to the company in the process of claiming before the insurer for the invoices of customers who have failed to pay the corresponding payment and are within the risks covered by the insurance policy (commercial risk or political risk).