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      Credit Insurance

      Protect yourself against potential defaults by your customers.

      • It covers non-payment or final bankruptcy of your debtors.
      • Fixed cost from the start, with no surprises in the quarterly settlements.
      • Without having to declare monthly sales.
      Apply

      What does it cover?

      • Customer rating and prospecting
        • Determine the risk of current or potential customers.
        • Flat fee for rating customers: it will allow you to explore the market by knowing the credit rating of its potential customers.
        • You can rate from 100 to 500 debtors per year, based on the sales volume. 
        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.
        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 at the coverage percentage.

        The general coverage covers 85% for debtors with a grade between 1 and 6.

        Coverage for unidentified debtors is provided on sales of up to €2,000. It covers 50% of the customers you have in the portfolio who are not rated.

        See the coverage limits

      How does it work?

      • The Credit Insurance policy is purchased through the Solunion Credit Insurance company, which provides the following services:

        • Solunion will rate your customers based on solvency criteria and assign them an internal indicator, or grade.
        • You will have to request a rating for your customers and Solunion will set a credit limit based on each customer's grade.

        Find out about the types of grades.

      Rates your customers with a grade to protect your sales on credit.

      Choose the most suitable option

      • Personalize the Credit Insurance policy based on your needs:

        • General policy: customer prospecting and monitoring, recovery and compensation in case of non-payment.
        • General Policy + Module for unidentified customers: in addition to the above, it also includes the possibility of buying coverage for customers without a grade.
        • General Policy + Annual aggregated deductible: it includes the services of the general policy and the possibility of bearing a certain amount of losses annually that are not covered. After that amount, Solunion would make payment on the claims.
        • General policy + Module for unidentified customers + Annual aggregated deductible: it includes the conditions of the three options.

      What are the requirements?

        • You must be self-employed with a business activity or an SME or company with a turnover between €100,000 and €5,000,000.
        • The maximum insurable sales term is up to 120 days.
        • You must be rated by Solunion with a grade between 1 and 7. If this Grade is 8, 9, 10 or NA, you will not be able to take out Credit Insurance through this policy.
        • Customers in the rental, software, jewelry, construction, metal, retail and textile sectors cannot purchase this policy (for these sectors, the quotes are tailor-made).
        • The countries covered are: Austria, Belgium, Canada, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, the United States.

      Request Credit Insurance

      Apply

      Would you like more information?

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

      The policy takes effect on the 1st of the month after purchase. It can also go into effect on the 1st of the following month, that is, with a one-month delay. For example, if the insurance policy is purchased on February 17, it could go into effect on 03/01/2020 or 04/01/2020.

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

      Yes, the insurance premium can be paid in two or four annual installments (administration expenses cannot be deferred and are always invoiced annually in the first bill).

      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.

      The total cost of the policy is calculated automatically based on sales, on whether you choose coverage for unidentified customers and whether you set a deductible. The cost is based on:

      • The net insurance premium.
      • Administration costs (which includes the rating expenses):
        • The rating and study expenses cover all the annual expenses up to the number of debtors included in the service. They cannot be deferred and, if the customer exercises their right to cancel due to the non-granting of risk to 70% of the requested debtors, they are still charged since the rating service has been provided, which continues and is able to be used throughout the annual period.
        • From the start, the policy includes all the rating expenses up to the number of debtors included in the service (from 100 to 500, depending on sales volume).

      Taxes on the premium:

      • On the National side: 0.15% CLEA and 6% premium tax.
      • On the Export side: CLEA at 0.15 %

      Taxes on the expenses associated with the study and rating of debtors: 21% VAT (applicable in mainland Spain and the Balearic Islands. There is no sales tax in the Canary Islands, Ceuta and Melilla). 

      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.

      Yes. The policy has a threshold of €300 per claim. This means that only claims in excess of this amount can be filed.

      BBVA Mediación, Operador de Banca-Seguros Vinculados, S.A. Registered company in the special administrative registry under number OV-0060. Civil Liability Insurance arranged and financial guarantee established.

      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.

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