How long is the credit insurance valid for?

The insurance policy is for one year, and is tacitly renewed every year, on the same date.

On what date does the credit insurance take effect?

The policy takes effect on the 1st of the month after purchase. The Global policy can also be taken out with a one-month delay . For example, if the insurance policy is purchased on February 20, it could take effect on 03/01 or 04/01.

Can I cancel the policy?

The policy may be cancelled with a two-month notice from the insurer or the insured .

Can I pay the policy in installments?

In Py Policy , yes, there is the possibility of semi-annual or quarterly installments of the insurance premium only. Administration expenses (classification and monitoring) cannot be deferred and are always invoiced annually in the first bill. In Global Policy , the premium is paid quarterly , as are the administration expenses.

Can I take out my credit insurance with an excess?

Yes. The policy can be purchased with a deductible, which is calculated based on the sales volume. In the indemnity for non-payment, the amount of the deductible is paid by the customer. Once this amount is exceeded, the insurer begins to compensate the customer. The deductible lowers the premium for the policy.

What are the insurance costs?

The cost is based on:The total cost of the policy will be calculated based on the credit sales you make, if you choose any type of coverage or special condition and whether or not you choose a deductible. In the case of the Global Policy , at the end of the annuity, the actual credit sales must be declared, and a regularization bill can be generated. Administrative expenses (classification and monitoring of customers), in Py Policy are paid at the start of the policy coverage and in Global Policy will be billed quarterly.

What taxes are involved in taking out credit insurance?

Taxes on the premium: On the National side, the following will apply: CLEA and insurance premium tax (IPS) On the Export side: only CLEA. Taxes on the expenses associated with the study and rating of debtors : In mainland Spain and the Balearic Islands, the following will apply: VAT. There is no sales tax in the Canary Islands, Ceuta and Melilla.

What do I do if I have a loss?

You must notify Solunion via the MiSolunion website of the outstanding debt at any time after the original due date, without exceeding the notification period. The claim will be managed directly by the company. MiSolunion will provide information on the processing and status of the claim.

Is there a minimum amount to file a claim?

Yes, there is a threshold per claim. This means that only claims in excess of this amount can be filed. In the case of the Py Policy, the threshold is €300 and in the case of the Global Policy it is personalized.

Who is the intermediary?

BBVA MEDIACIÓN, OPERADOR DE BANCA-SEGUROS VINCULADO, S.A. listed in the Administrative Register of Insurance Brokers of the Directorate-General for Insurance and Pension Funds under code OV-0060. It has an approved public liability insurance policy.

Who is the insurance company?

SOLUNION SEGUROS, COMPAÑÍA INTERNACIONAL DE SEGUROS Y REASEGUROS S.A., with registered office in Madrid, Avenida del General Perón nº 40, and Tax ID No. A-28761591.

Credit Insurance for Companies and Self-Employed

Insure your business against non-payment and avoid commercial risk

It covers non-payment or final bankruptcy of your debtors.
Accept new orders without risks or worries.
Guide your credit sales to both the National and International markets.

What coverage does a credit insurance have?

Compensation
Guarantee your sales and the continuity of your business by avoiding potential problems with non-payments.

You will be able to accept new orders without risks or worries.

In the event of a definitive non-payment, the Company compensates for this non-payment in the coverage percentage.
Customer rating and prospecting
Determine the risk of current or potential customers.

Monitoring continues on the financial situation of your customers (debtors) and their degree of solvency.
Recovery
The Solunion insurance company offers a network of local experts throughout the world who, on your behalf, will be able to:

Accelerate the repayment terms for debts.

Save time and internal resources.

Manage the recovery to recoup losses.

Cover defense expenses at the percentage of sales insured.

Manage claims with a team of specialized lawyers.

How does credit insurance work?

The process of contracting credit insurance in BBVA is done through the company Solunion and the steps are as follows:

Procedures at the start of the insurance period:

You must send the company a list of all customers to whom you sell on credit (annual sales statement). If your customers are from another country, the credit insurance has international coverage, so you should also include them. The Company will classify them according to solvency criteria and assign them a coverage limit.

Procedures during the annual period:

As you add new customers on credit to your portfolio, you must request coverage from the Company.

The Insurer will monitor the portfolio of your debtors during the year, and therefore there may be variations in the credit limits of the debtors. The company will notify you of any changes to coverage.

You can also request from the Company modifications to the credit limit in force for your debtors during the annual period.

Procedures at the end of the annuity:

Depending on the product chosen, the actual sales on credit of the annuity must be communicated or not, for their adjustment.

Take out your Credit Insurance

Choose the product that best suits your needs

Py Policy
Intended for Self-employed workers, SMEs and Companies with a turnover of between €100,000 and up to €6,000,000.

The maximum insurable sales term is up to 120 days.

Countries covered: Germany, Andorra, Austria, Belgium, Canada, Chile, Colombia, Denmark, Slovakia, Slovenia, Spain, United States, Estonia, Finland, France, Gibraltar, Greece, Holland, Hungary, Iceland, Ireland, Italy, Latvia, Luxembourg, Malta, Mexico, Monaco, Norway, Poland, Portugal, United Kingdom, Czech Republic, Romania, San Marino, Sweden and Switzerland.

Excluding rental, software and jewelry sectors.

See Py Policy coverage limits.
Global Policy
Intended for SMEs and Companies with a turnover of between €1,000,000 and up to €25,000,000.

The maximum insurable sales term is up to 180 days.

Coverage in all countries, with exceptions due to political risk, country risk, etc.

Excluding the rental sector.

See Global Policy coverage limits.

Credit Insurance for Companies and Self-Employed

Insure your business against non-payment and avoid commercial risk

What coverage does a credit insurance have?

How does credit insurance work?

Take out your Credit Insurance

Choose the product that best suits your needs

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