CoverCredit is a credit insurance policy that protects you against unpaid invoices, both domestic and export. It is specifically designed for companies with a turnover up to GBP10 million and is available online.
This insurance is arranged by Marsh. Marsh itself is not an insurer of any risk. Your insurance will be underwritten by Coface. Coface is authorised in France by the Autorité de Contrôle Prudentiel and subject to limited regulation by the Financial Conduct Authority.
This insurance is arranged by Marsh Ltd. Marsh is registered at 1 Tower Place West, Tower Place, London EC3R 5BU and is authorised and regulated by the Financial Conduct Authority.
No, you will not receive advice or recommendation from Marsh for insurance purchased through this website. You are responsible for making your own choice to proceed with this insurance and for deciding that it is suitable for your needs.
The price indicated online is all inclusive of the insurance premium (including insurance tax), and the service fees such as collections. If you select further optional services such as top-up cover (TopLiner), uninsured collections and additional credit limits, you will be charged for these.
CoverCredit has been designed in a straightforward way. In most instances you can receive a quote online and always obtain support via the telephone helpline.
We will write to you with a renewal quote before the expiry of your policy. If we do not hear from you we will assume you wish cover to continue and will send you your renewal documents approximately one month before renewal. You can contact us at any time prior to 60 days before the renewal date if you do not wish to renew, or want to change the cover under your policy.
You can pay by direct debit on a monthly or quarterly basis, or you can choose to pay the whole premium upfront.
Once you have purchased your policy you are entitled to a 14 day cooling-off period from the time when you receive your policy documentation. To cancel your policy and claim your refund you must contact us within this 14 day cooling-off period by e-mail to firstname.lastname@example.org, and confirm you have not made any claims on the policy to be entitled to a full refund of all premium inclusive of tax and processing fee. After this 14 day cooling-off period has expired all policies are non-cancellable.
Full details of the claims process will be provided with your policy documentation.
The Maximum Liability is the maximum total amount of indemnities Coface will pay to you within a single contract period for unpaid invoices issued for deliveries made during the contract period. The maximum liability for your Contract is set at 50 times your insured premium amount (not inclusive of fees or taxes) or the amount shown in your online quote, whichever is the greater.
Please contact email@example.com and we will be happy to assist.
Should you wish to register a complaint, please contact us at: firstname.lastname@example.org. Alternatively you may write to: Head of Quality, Marsh Ltd, Tower Place, London EC3R 5BU Tel: +44 (0) 20 7357 3116. A copy of Marsh’s complaints procedure is available on request; however, if you cannot settle your complaint with Marsh, you may be entitled to refer it to the Financial Ombudsman Service.
To be covered you must either apply for a credit limit or justify a discretionary limit on the customer before shipping any goods or delivering any services to them. To avoid the risk of not being granted the cover you need, you can request a credit limit or opinion before signing a contract with them or even before prospecting a potential customer.
Coface will have based this decision on the information they hold which indicates that you would be at risk of a bad debt. However, if you do decide to trade and suffer slow payment or a bad debt, you can submit the case to Coface to pursue the debt. Coface will charge for the collection of uninsured debts.
All your domestic and export customers could be covered unless: Coface gives a negative opinion on a customer; the customer is associated to your company; or the customer is a government owned company. In some circumstances it may be possible to obtain cover on foreign public buyers.
Experience of defaulting companies shows that even the customers that you think you know well can get into financial difficulty and stop paying your invoices. It is therefore necessary to cover your portfolio of customers to reduce your risk. However, turnover with: associated companies; government owned companies unless specifically insured; companies where Coface refuses cover; and private individuals is excluded from this insurance.
As soon as you become aware of any event or potential situation leading to a worsening of your customer’s financial position you must notify Coface via the online system. This must be done no later than 30 days from the end of your maximum credit period, as stipulated in your policy.
As with any insurance, the insurer will assess the validity of your claim. After Coface has established the amount of your insured debt, Coface will pay the lesser of the amount after either (i) applying the insured percentage (e.g. 90%) to the insured debt or (ii) deducting the excess written in your insurance policy.
If Coface collects more than the amount of the claim you received, it will pay you the difference, up to the amount of your invoices if it achieves a full recovery.
Marsh and Coface will not inform your customers that you have insurance when contacting them to update our information. If for any reason we should need to do so, then we will seek your prior approval. You may decide to disclose this information as a sign that your invoices will be chased actively in case of late payment or as proof of sound business management.
Adding a “loss payee” (e.g. bank, factor, invoice discounter) endorsement to your insurance contract can be done at no cost after signing your contract.
During the quotation process or when reading your insurance contract, a dedicated telephone line is available to answer your questions. Call 0207 178 4367. Note we can only answer general queries - you will not receive advice or recommendations from Marsh for insurance purchased through this website. You are responsible for making your own choice to proceed with this insurance and for deciding that it is suitable for your needs.
Disputed invoices are not covered until such time as the dispute is resolved either by agreement between you and your customer or by a court decision.