Credit Insurance & Credit Management
64G Ltd works as an approved person of W Denis Credit Risks, a respected insurance broker, and maintains access to policies through CIFS (Credit Indemnity & Financial Services) which is Nexus CIFS Ltd, backed by a Lloyds syndicate. CIFS is one of the UK’s leading suppliers of trade credit insurance.
All clients that take up policies through 64G Ltd can benefit from:
- A discounted premium.
- Increased indemnity of 95% or £1000 first loss; whichever is the greater proportion of the debt.
- £10k discretionary limit which is reviewed by 64G Ltd.
- A direct policy with the insurer with 64G Ltd noted as Policy Manager.
- The peace of mind that any valid claims will be paid out and will not be declined on a technicality.
A managed credit insurance policy provides you with trade credit insurance and the peace of mind that any valid claims will be honoured, without the time and experience needed to mange the policy yourself.
64G Ltd charges for the credit management of your policy separately and direct to you on a monthly basis. For this charge 64G Ltd undertakes the following:
- All the monthly reporting to the insurer is undertaken on your behalf by 64G Ltd; providing comfort to the insurer that the policy is being adhered to but relieving you of the time constraints this essential administration requires.
- 64G Ltd will manage the request of new credit limits and increases on existing customers.
- 64G Ltd will underwrite all limits within the agreed discretionary limit, as detailed in the policy, ensuring evidence of the validity of the limit is stored for retrieval and renewed in line with the policy requirements.
- 64G Ltd can underwrite on the basis of evidenced payment history, or a supportive credit report from any of several sources such as D&B, Equifax, credit safe etc.
- 64G Ltd will monitor collections and update the insurer accordingly, therefore ensuring that the maximum credit cover is maintained for the client; providing long term security and peace of mind. If you would like us to provide a full credit control service along side our credit management, then please contact us.
Where clients are financing their business through an invoice financier, this service provides comfort and security to the financier to allow them to maximize their funding against credit covered debtors. The invoice financier can be named as 1st loss payee under the policy to further enhance their security.
* Subject to CIFS discretion.