What is covered by the Simplicity Policy?
Allianz Trade Simplicity protects all domestic and foreign clients (on the list of countries covered) against insolvency and losses due to late payments. If one or more of your covered buyers fail to pay, the policy covers 60% of the default up to the maximum liability per customer and up to the maximum annual liability per contract, as defined in the price table above. You also have the option of applying for extended cover, which assesses each client's creditworthiness on the basis of Allianz Trade' proprietary risk rating (BoniCheck). Approved and extended buyer limits can increase coverage to up to 90% of a default. Whenever possible, we recommend that you always use Allianz Trade' proprietary database and risk ratings to determine the current creditworthiness of your clients. This not only gives you higher cover amounts, but also concrete information on the creditworthiness of your debtors.
Do I receive an insurance cover for all customers?
Yes, with Simplicity all your B2B customers are insured from the first day with the basic cover of 60%, unless there is already a payment default. As the policy does not require an individual credit limit from the buyer, the basic cover cannot be revoked during the term of the policy if the buyer's default does not last longer than 60 days.
How much administrative effort is required?
Very little. One of the big advantages of Simplicity for small businesses is that your policy improves your credit resources rather than burdening them. Once your policy is up and running, you only occasionally need to submit optional applications for extended coverage and a claim report in the event of a claim. However, many clients feel that Simplicity increases the efficiency of their credit department, eliminating the need for additional staff and external credit data to approve clients' credit limits.
Can my insurance cover change during the term of the policy?
Yes, you can apply for an extended insurance cover for each buyer during the year. Customers for whom you have achieved extended coverage will be monitored on an ongoing basis so that the risk rating may change. This means that if your customer's credit rating changes, the risk rating may fall or rise, which in turn may increase, fall or cease to cover future deliveries. If the coverage is reduced or cancelled, you will have a 30-day window in which the coverage will remain.
Can I get extended insurance cover for a customer?
Yes, if you wish, you can request an increase in a buyer's insurance cover beyond the basic 60% cover to an extended 90% cover. You can apply for extended cover quickly and easily via your online policy management portal EOLIS. Allianz Trade rates companies on a scale from 1 (high credit rating) to 10 (insolvent).
How can I be sure that my damage will be paid for?
Allianz Trade is the oldest and largest credit insurer in the world with an investment grade rating (AA S&P) and is accepted by companies and banks around the world. We insure more than $1 trillion in business transactions annually and settle 85,000 claims each year. Our market position is also secured by the financial stability of Allianz, one of the world's largest insurance companies. Because our dedicated claims and collection departments ensure fast and efficient claims processing, you don't have to worry about unexpected payment defaults. You can rest assured that we will pay if your client does not.