Insurance of Commercial Credits

It is an insurance fit for the companies needing protection against the financial loss that can appear following the non-collection of the afferent receivables from the Romanian debtors or the ones from outside Romania.

To whom the commercial credit insurance is addressed and which risks it covers

It is addressed to the clients delivering commodities and consumer goods (raw materials, fuel, food products etc.) or providing services with payment on term;

The risk of non-collection of the receivables afferent to the delivered commodities/goods or the provided services, from the debtors ("people in debt") from Romania or from abroad is covered;

The risk of non-collection of the receivables as a consequence of the debtors’ bankruptcy/insolvency is covered.

Advantages Existent for the Client

The protection of the business against the loss caused by the financial problems of the debtors;

Acquirement of a plus of image to the client in the relation with the banking institutions or with the providers.

 What a Commercial Credit Insurance Provides

1. It helps you increase your turnover in safe conditions, as:

-it provides you with information related to the customers situated in new geographic areas, for instance: nationally: Banat, Wallachia, Transylvania etc., and internationally: Western Europe, Asia, Middle East etc.

- it provides you with access to new types of customers, respectively: Wholesale, Distributors (National / Regional), IKA, HORECA etc.

2. It provides with the possibility of increasing the profit of your company by credit management as:

- you can increase the sale price for the payment of the commodity over the usual term;

- it provides you with the possibility of offering payment terms for the customers with advance payment;

- you can finance your working capital more cheaply and, of course, more easily;

- you can reduce the operational costs by the internally made credit analysis;

 - closure of the analysis and permanent monitoring of the customers, contributing to the prevention of loss;

- it pays your invoices issued with payment on the due date in case your customers fail to do so;

- your risks become the insurer’s;

 Advantages of taking out a Commercial Credit Insurance via Safety Broker

We negotiate directly with the insurer in order to obtain the best offers for your company for any form of Commercials Credit Insurances etc.);

 We monitor the entire portfolio of your company and we notify you about expiry dates, consultancy in case of occurrence of an insured risk;

 Dedicated account manager over the performance of the insurance contract.

Insurance of the Bonds

The insurances of securities represent a financial solution intended for the companies wishing to participate in public procurement procedures or for the companies that have to set up contractual guarantees.

This insurance form represents the best method of conclusion of a bond, as, unlike the letters of bank guarantee, the insurance of bonds do not involve the block of the funds of your company during the performance of the tender or of the contract concluded with the purchaser.

 To whom the insurances of bonds are addressed

This class of insurances is addressed to the legal entities wishing to participate in a tender in order to obtain a public procurement agreement or to the companies having won a public procurement agreement. Contracts concluded between 2 private companies can also be taken over in the insurance in certain conditions, for instance: subcontractor agreements, service supplies, supply etc.

 Types of insurances of bonds

 Bid bond

 Performance bond

Maintenance bond

 Retention bonds

Advance payment bonds

Payment bond

 Advantages of taking out a bond insurance

The assessment and granting of the limits is not done only based on the financial status of your company. A series of factors are taken into account for the take-out of this type of policy, namely: the experience /history of your company in the completion of similar projects, number of employees etc.;

 The set-up of counter-bonds in favour of the Insurer in 99% of the cases does not imply blocking money amounts, credit limits or mortgages in favour of the insurer. Thus, your company can use the resources thereof for the development of the projects;

 It does not affect the financial status of your company as the issue of these insurance policies does not imply the registration thereof as credit in the Central Credit Register(CCR);

In case of appearance of an indemnification claim, your company will benefit from support in order to amicably solve any indemnification claim from the Purchaser;

 The set up of the bonds under the form of an insurance is accepted by all the Beneficiaries/Purchasers, according to the applicable legislation.

Documents necessary for the take-out of such a bond insurance

1. The financial documents of your company, respectively: the last closed balance sheet and the balance sheet over the last 3 years.

2. Information about your company, respectively: the presentation of your company (activity, experience, relevant details about the personnel structure, management, technical capacity, assets, list of completed contracts and of the ones in progress supporting the experience in the field).

3. Number of the tender participation announcement /invitation to quote in case it is a tender in SEAP or a copy of the data sheet (in the case of the bid bonds).

 4. The contract concluded between you and the Beneficiary/Purchaser (in the case of the performance, maintenance, retention, advance payment or payment bonds).

Advantages of taking out a bond insurance via SAFETY BROKER

 We negotiate directly with the Insurer in order to obtain the best offers for your company for Bonds/CAR/Accidents involving people etc.);

We monitor the entire portfolio of your company and we notify you about expiry dates, support in case of damage;

 In case of occurrence of damage, we provide you with support in order to support the damage files.

What do I do in case of damage?

In case of an insured event, a standardized procedure is followed for the solving of the respective situation, the client being supported by the insurer and the broker throughout this process.

Damages Call Center: 031 9660

Răzvan Popescu, Manager of the Bond Department: 0753.138.442