Single transaction insurance | Coface PKZ insurance Inc.

Customized credit insurance

Avoid the risk of buyers defaults with whom you conduct business on open account.

Single transaction insurance

Single transaction insurance is a less common type of credit insurance, however, it is very useful when you are attempting to ensure partnership with a specific customer and receiving the appropriate protection at the same time.

In this section you will learn about:

  • What are the benefits of single transaction insurance
  • How does individual operations insurance work
  • Which risks are included in the insurance policy
  • When and how to claim your insurance indemnity
  • How to conclude an insurance contract in only 3 steps

The advantages your company gains by single transaction insurance

With a credit insurance you can stay calmer and safer when doing business with new customers on domestic or foreign markets; your company can, in addition, take advantage of the following benefits:

  • conducting a safe business on open accounts is a strong competitive advantage when you are aspiring to close a business deal with a specific customer,
  • you do not need to request a bank guarantee or other types of insurance from your customer,
  • the biggest risks arising from business activities with domestic or international customers will be covered,
  • acquisition of your customer’s credit rating and its constant monitoring,
  • prompt professional support including legal advice as well as assistance in resolving payment problems and choosing the optimum mode of collections,
  • transparent credit management using the PKZ-Net web application.

How to insure individual projects

A credit insurance policy grants you insurance of individual—domestic and/or international—transactions where the term of payment does not exceed two years.

We have you covered as soon as we sign the insurance policy; all you need to do is to make sure that:

  • you act responsibly and cost-effective in order to minimize your loss and chances for loss occurrence,
  • to remind defaulted obligors of their due payments and immediately inform us should the reminders bring no result.

First Credit Insurance Company takes care of everything else.

An insurance policy protects you against a number of risks

Insurance of individual projects will provide your company with protection against risks arising from sales on open accounts at home or abroad. You will foremost be protected against loss arising due to your customers’ bankruptcy, compulsory settlement, protracted delays in payments and other reasons causing them to not settle their liabilities.

In case if you conduct business on markets exposed to political, not only commercial risks (wars, riots, transfer bans etc.), you can also insure your individual transactions against loss events as a result of political causes.

An insurance contract can additionally also include potential risks arising before the supply of goods. This means that your company is insured if insolvency occurs during the production of customized goods made for a special purpose, which means that such goods cannot be sold to any other buyer.

You will receive your indemnification in the shortest time possible

In the case of a loss event that is specified in the insurance contract, your company is entitled to compensation for loss, respectively insurance indemnity. A loss event occurs immediately after your customer becomes insolvent or, in the case of protracted default, six months after the due date of the first outstanding invoice.

As a guideline, the level of repayment usually amounts to 90% of the loss, costs of recovery and legal expenses. You will receive your compensation within 30 days after you have submitted your indemnity claim receipt. In practice, this period is often shorter.

The payment you receive after the loss compensation has been paid out is shared in the ratio of the loss particiption in the loss event (90: 10; 85: 15).

Insure your individual projects in only 3 steps and start doing better business

  1. In order to obtain more information on your business, we ask you to complete the Questionnaire.
  2. You will then receive a customized offer in the shortest time possible.
  3. You sign the policy.

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Frequently asked questions

  • If we have credit insurance, does this help us in getting bank loan?

    Yes, the insurance policy improves the creditworthiness of the insured, since banks and business partners know, that you have your credits insured. In addition you are also able to transfer your rights from the insurance policy also to bank or other financial institution (assignment). With this you partly or entirely substitute other forms of collateral, which the banks and other financial institutions usually request, and as a consequence you are entitled to the better financing conditions.

  • Do you also cover the costs of recovery against the debtor?

    Yes we do, in the same proportion, as we have covered the loss.

Contact

Davčna ulica 1 (south entrance)
1000 Ljubljana
Slovenia

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