In a challenging economic climate, credit insurance is a vital tool for credit management – but what happens when your credit insurer does not grant you the requested credit limit? The dilemma becomes letting a client buy without having the credit limit you need, or not selling at all in order to preserve the security of your company.

Credendo – Guarantees & Speciality Risks has a solution. 

Top-Up cover is a fast way to extend credit insurance limits, potentially doubling coverage from the primary credit insurer, and on existing terms, making it quick and easy to implement, allowing your business to thrive and to capitalise on potential sales. It means you can pursue growth opportunities quickly and easily without overexposure to non-payment risks.

WHAT IS TOP-UP COVER?

Top-Up cover complements an existing credit insurance policy. It provides quick and automatic additional coverage above the limits set by the primary credit insurance provider.

Credendo – Guarantees & Speciality Risks structures the cover on the basis of an existing policy by any other credit insurer, which means the process of obtaining cover is typically quicker and more straightforward.

It can double credit limits, allowing you to cover amounts over and above the credit limits set by your primary credit insurer. 

As a supplementary product, it does not affect the terms or claims processes of the primary insurance policy. Credendo automatically follows the limit decisions, collection procedures and claims decisions of your chosen credit insurer. 

WHO IS IT SUITABLE FOR?

Top-Up cover is useful for companies that have reached their credit limits but require additional coverage to protect their business against the risk of non-payment by customers. 

It is particularly valuable for businesses dealing with large buyers where the primary insurer’s coverage may not be sufficient. 

The flexibility of the cover is also helpful for companies experiencing rapid business growth or seasonal fluctuations in sales and require quick and additional credit insurance.

Top-Up cover can be applicable on a global policy, for a country and/or for a line of products or services.

BENEFITS

• An extra protection that can double credit limits, even the biggest.
• Faster and easier to get coverage than to negotiate new or increased limits with the primary insurer.
• Opens the door to more sales with optimised security.
• Complements existing insurance policies by covering gaps in coverage or by adding an extra layer of protection above credit limits.
• Doubling of the primary credit limit opens additional finance possibilities and enhanced insured turnover. 
• The coverage mirrors the primary insurance contract which therefore requires no adjustments, meaning minimal additional paperwork.
• Allows businesses to increase coverage without the financial burden of significantly higher premiums. 

For more information about this specific solution, please contact the Credendo – Guarantees & Speciality Risks office nearest to you.