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Question for members...

Discussion in 'Insurance' started by coryb, Sep 25, 2015.

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  1. coryb

    coryb New Member

    Just noticed that you are based out of Montreal. As there are different insurance licenses required province to province, I could put you in touch with someone out of our Montreal office. For companies with operations in Ontario - I'm your guy.
     
  2. coryb

    coryb New Member

    I will focus on the credit insurance for the purposes of this post. Costs vary depending on a number of factors and can generally be ball-parked (Go Jays Go!) after an initial meeting/conversation. If there is interest in learning more about our credit report package or collections services, please let me know.

    First, it's difficult to say whether or not a company can truly benefit from a trade credit insurance policy without me knowing more about their business. For example, if a 'need' is a defined as already having a non-payment/bankruptcy issue with a customer, it's already too late.

    In my experience, clients consider insuring their AR for 4 main reasons:

    1) It gives them peace of mind against customer insolvencies

    What would happen if one of your largest customers were unable to pay you? A Trade Credit Insurance policy aims to cover 90% of your Accounts Receivable balance for just a small fraction of 1% of sales. Policies I deal with range anywhere from 10 basis points to 40 basis points (1/10th to 4/10ths of 1% of sales).

    2) It helps them collect on past due accounts

    If you extend credit terms to clients, you’ve undoubtedly faced some past-due issues before. Policyholders can claim not only against insolvent accounts but also past-due accounts. In the event we can collect, our fee will be less than third party market rates. In the event we don’t collect, the account gets treated as an insolvency and you may receive an adjustment ($) under a policy.

    3) It helps them grow sales safely

    Whether it’s an existing customer asking for a higher credit limit or a new customer asking for an initial credit limit – that’s a decision you’ll need to make. Policyholders can make credit limit requests on customers worldwide via our online system 24/7 to help them take advantage of sales opportunities that they might otherwise shy away from, where business would often go to competitors. Increased sales can often pay for the cost of a policy and generate a profit.

    4) It helps them access additional financing

    If you’re like most companies, you may be utilising a line of credit with a bank. With a Trade Credit Insurance policy, most banks will margin ~90% on an insured receivable vs. ~70% on an uninsured receivable. For a business with a ~$500,000 AR balance, this could represent an additional $100,000 in cash flow.

    -

    If the above has sparked your interest, I welcome the opportunity to further discuss with you privately. Know that quotations are free and if nothing else, would contain our underwriting team's credit opinion on up to 15 customers.

    Thanks for your time,
    Cory
     
  3. ShawnR

    ShawnR Site Supporter

    explain more about what you do, I don't need the service, but would be good to know the ins and the outs of what you do along with the cost of the services.
     
  4. coryb

    coryb New Member

    Yes, we specialize with credit insurance (sometimes referred to as receivables insurance), credit reports and collections.
     
  5. MikeJr

    MikeJr Moderator Staff Member

    Looking - I've removed your post as it was off topic. Also was an unprovoked attack on a long-standing member.

    Keep well,
    Mike
     
  6. ShawnR

    ShawnR Site Supporter

    would this be credit insurance or receivables insurance?
     
  7. coryb

    coryb New Member

    Hello,

    Without introducing myself in the form of an advertisement - I wanted to get some feedback from members on whether or not they would be open to me posting information here and similarly, acting as a point of contact for those who did have questions in regards to our services.

    I'm currently working with a couple of transportation companies and freight forwarders to help make good credit decisions, protect themselves against the risk of non-payment from customers and enhance lines of credit with their lenders.

    Thank you in advance & hope I have found the right thread for this!

    Regards,
    Cory
     

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