Insurance of Commercial Credits

This insurance is suitable for companies that need protection against financial losses that may arise as a result of non-payment of receivables from Romanian or foreign debtors.

Who is commercial credit insurance for and what risks does it cover?

  • It is intended for customers who deliver goods and consumer goods (raw materials, fuel, food products, etc.) or who provide services with deferred payment.
  • It covers the risk of non-payment of receivables related to goods/assets delivered or services provided, from debtors in Romania or abroad;
  • It covers the risks of non-payment of receivables as a result of the bankruptcy/insolvency of debtors.

What are the advantages for the customer?

  • Protection of the business against losses caused by the financial problems of debtors;
  • Improvement of the customer's image in relation to banks or suppliers.

 What a Commercial Credit Insurance Provides

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

-it provides you with information about customers in new geographical areas, for example: nationally: Banat, Muntenia, Transylvania, etc., and internationally: Western Europe, Asia, the Middle East, etc.

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

2. It gives you the opportunity to increase your company's profits through credit management because:

- you can increase the selling price for payment of goods beyond the usual term;

- it allows you to offer payment terms for customers who pay in advance;

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

- you can reduce your operating costs with internal credit analysis;

- you complete the analysis and ongoing monitoring of customers, helping to prevent losses;

- it pays your invoices issued with payment on time if your customers do not;

- your risks become those of the insurer;

 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 key 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 insurance of bonds is 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, Direct of the Bond Department: 0753.138.442

razvan.popescu@safetybroker.ro