credit

The Credit Insurance and Bond Unit is dedicated to finding the most appropriate product for the needs of your company and is committed to finding the most competitive offers with the widest coverage on the market for the following products:

Credit Insurance

Credit Insurance protects your company from insolvency due to clients who default on payment and the policy incorporates three invaluable services to ensure the efficient management of your business:

  • Prevention: full analysis and classification of your client list.
  • Recovery management: the insurance company will undertake both amicable and judicial payment management of unpaid credit.
  • Indemnity: the Company will indemnify up to 90% of the loss in cases of bad debt.

We offer a variety of options of Credit Insurance including:

Internal Credit Insurance: provides cover for clients in Spain.
Export Credit Insurance: provides cover for foreign sales worldwide, including Political Risk Insurance.
Excess of loss: designed for large companies with their own credit department, offering cover in excess of the company´s typical losses.
Policies for SMB business: a variety of insurance solutions for SMB with total billing up to 600.000€

Bond insurance

Bond insurance covers the contracts entered into by the Insured, in the case of noncompliance by the Policy Holder in his legal and contractual obligations to a third party, paying the insured in respect of indemnity or penalty.

The standard guarantees issued in Spain are the following:

  • Bid guarantees or provisional.
  • Performance guarantees or definitive.
  • Surety bonds for future investment in property.
  • Customs guarantees.
  • EU guarantees for support and returns for exports and assistance for production.
  • Travel agencies.
  • Temporary employment agencies.
  • Renewable energy companies.

Factoring

Factoring consists in the transfer to the Factoring Company of short term credits generated by sales to all or a percentage of clients, whether nationally or internationally.

This service includes:

  • Financing: payment of advances up to 90% of sales within the classification limits of each client.
  • Client insolvency coverage: assuming 100% of the risk of insolvency of credits.
  • Study and classification of purchasers: the Company analyzes and evaluates the solvency and payment history of your clients.
  • Legal recovery: the Company carries out the contentious management of unpaid credits when this becomes necessary.

Our experience in these types of cover is a benefit to you for the administration of the policy and we will support you in the day to day management of the contract (classification, claims etc…) looking after your interests with regard to the Insurance Company.


Unit Director:
David Balsalobre
david.balsalobre@cogesa.es

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