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 fails 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 customer's creditworthiness on the basis of Allianz Trade's proprietary risk rating (BoniCheck). Approved and extended buyer limits can increase cover 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 customers. This not only gives you higher cover amounts, but also concrete information on the creditworthiness of your debtors.
Do I receive insurance cover for all customers?
Yes. With Simplicity, all your B2B customers are insured from the first day with 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 cover and a claim report in the event of a claim. Many clients feel that Simplicity acutally increases the efficiency of their credit department, eliminating the need for additional staff and external credit data to approve customer's credit limits.
Can my insurance cover change during the term of the policy?
Yes, you can apply for extended insurance cover for each buyer during the year. Customers for whom you have obtained extended cover 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, reduce or pre-empt cover of future deliveries. If the cover is reduced or cancelled, you will have a 30-day window in which the cover will remain.
Can I apply for extended insurance cover for a customer?
Yes. 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 EOLIS, your online policy management portal. 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 $USD 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 customer does not.