Credit Insurance

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 could 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 20, it could take effect on 03/20 or 04/20.

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

• 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.

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 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.

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.

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, 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.

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.

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.