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Send  Share  RSS  Twitter  23 May 2013

INSURANCE: Supplementary Cover Beyond Standard Credit Insurance

 





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As part of a worldwide product roll-out, Coface South Africa has launched TopLiner, a supplementary credit insurance cover product.

This is part of the Coface ‘Globalliance’ standard contract and used in cases where the initial credit insurance cover is lower than the requested amount or credit cover is declined.

TopLiner offers a flexible, transparent and quick solution for covering customer risk while honouring a single main contract. Separate from traditional underwriting and based on a price adapted to the risk, TopLiner allows companies to make an objective risk-taking decision.

Garth de Klerk, CEO of Coface SA, said that Topliner was created as a result of experience with the economic crisis.

“It is part of our mission to support the commercial development of companies seeking stronger protection against the risk of overdue payments from vulnerable buyers, whether strategic or occasional,” he said.

TopLiner provides additional cover, combining the advantages of the main contract, speed and transparency. It is non-cancellable supplementary cover incorporated into Coface’s Globalliance contract, without any access cost and billed only upon use by the customer.

It is available exclusively online, with an immediate answer and transparent pricing, based on parameters that the customer can modify, without automatic renewal or billing of investigation and limit fees.

“TopLiner enables customers to become more involved in the risk-taking process. It allows companies the freedom to take additional risks in real time,” said Mr de Klerk.

The adjusted price becomes a risk assessment index. The customer can compare the cost of the risk and its net margin in order to make an objective decision.

It is the customer who determines the amount of cover of between R50 000 and R50-million and the duration, between 30 and 90 days.

“More and more businesses now say that they are willing to be charged according to the quality of the risk. This reflects an increasing customer awareness of risk intensification and a need for greater flexibility, in line with the unstable economic environment,” said Mr de Klerk.


 
 
 
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