Prefinancing

Available in the following countries: Albania, Algeria, Austria, Bahrain, Bangladesh, Belgium, Benin, Brunei, Bulgaria, Burkina Faso, Cameroon, Chad, Comoros, Côte d'Ivoire, Croatia, Cyprus (Greek) (South), Cyprus (Turkish) (North), Denmark, Djibouti, Egypt, Estonia, Finland, France, Gabon, Gambia, Germany, Greece, Guinea, Hong Kong, Hungary, Iceland, Indonesia, Iran, Iraq, Ireland, Italy, Jordan, Kazakhstan, Kuwait, Latvia, Lebanon, Libya, Lithuania, Luxembourg, Malaysia, Mali, Malta, Mauritania, Morocco, Mozambique, Netherlands, Niger, Nigeria, Norway, Oman, Pakistan, Palestine, Portugal, Qatar, Romania, Russia, Saudi Arabia, Senegal, Serbia, Singapore, Slovenia, South Africa, Spain, Sudan, Sweden, Switzerland, Syria, Tunisia, Turkey, UAE - United Arab Emirates, Uganda, United Kingdom, United States, Yemen.

Do you make advance payments before a delivery of goods is made to you (=prefinancing) ? You can face the risk of non-delivery of the goods by your supplier and the risk that your supplier does not repay the advance payment. Credendo can provide insurance cover !

Product benefits

  • You are sure that your advance payment is returned to you in case of non-delivery of the goods by your supplier
  • We will help you to collect the money from your suppliers

Main characteristics

  • As an importer, you have to pay for your goods in advance
  • Our prefinancing policy protects you against the non-reimbursement of your advance payment as a consequence of the non-delivery of the ordered goods
  • Cover against commercial and political risks
  • Coverage area: worldwide
  • Up to 95 % cover for political risks

It is possible that you face a risk on your suppliers, especially if you need to pay in advance for the delivery of certain products you need in your production chain. We can include cover for such trade-related prefinancings in your policy.

What does this cover include?

When you make an advance payment for the supply of goods to you, your supplier has the obligation to supply the goods as agreed. But if he does not, you will need to recover the advance payment and get your goods elsewhere.
We can cover the fact that your supplier does not repay the advance payment amount he is bound to repay you in case he did not deliver the goods you ordered.

Why would you be interested in this cover?

Like for our Standard Comprehensive Policy, the cover mitigates your losses in your trade cash flows (by prevention, collection, indemnification and recovery) and may help you getting the appropriate financing.
In case of prefinancing, the risk does not relate to your client, but to your supplier, which means that you have already paid for goods you didn't receive and which you can therefore not use for your own sales. An insurance to recover the advance payment that the defaulting supplier is obliged to repay, but does not, is therefore an important surplus on the cover for risks on your clients.

Why Credendo?

  • We effectively support your businesses domestically and abroad by using exclusive information about suppliers
  • We know that every company is unique and our tailor-made solutions respect that uniqueness
  • We believe in a personal approach
  • We support your business everywhere around the world
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