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NGI is proud to offer protection for receivables through the Globalliance Credit Insurance Policy plus credit ratings on potential buyers of goods and services.
Receivables can be lost for a number of reasons. A buyer may become insolvent or be in protracted default. Political risks, war, natural disasters or economic difficulties could make money transfers difficult, leading to non-payment. All these risks can be covered efficiently and cost effectively through our credit insurance while our policyholders can also enjoy recovery services provided by us through the Coface international network. We can also offer credit rating services to our policyholders on their potential buyers of goods and/or services.
Straightforward credit insurance for growing business
The credit Insurance that is offered by NGi is to help businesses deals with the unnecessary cost and inconvenience of such eventualities. It provides straightforward credit protection and efficient credit limit management with minimum fuss.
Every time your trade on credit, either at home or abroad, you can run the risk of non-payment to you by customers. Moreover, unforeseen customer insolvency can hurt your cash flow and bring financial instability to your own business or even the existence of your organization could become doubtful.
The credit Insurance that is being offered by NGi is to help businesses deals with the unnecessary cost and inconvenience of such eventualities. It provides straightforward credit protection and efficient credit limit management with minimum fuss.
One simple policy to cover your domestic and export trade
Our Insurance policy will give you the option of combined protection against the risks of both export and domestic sales, all insured under one policy with an indemnity level of upto 90% of your whole turnover.
Offering you the best credit risk protection at a price you can afford, let us provide you with reassurance needed in today's business world to secure your company's growth.
Our Credit Insurance protection helps you to avoid the risks associated with non-payment, resulting in a secured cash flow, which will give you freedom to pursue your business strategies with confidence.
Cofnet - Instant web access to our online credit limit management system
As our Policyholder, you have access to a unique credit limit management tool-Cofnet, designed to enhance the online communication between you and Coface, our Partner.
Cofnet gives you direct access to the comprehensive buyer database and simplifies everyday management operations related to your policy, including:
- Monitoring your current limits portfolio
- Applying for credit limits on new buyer
- Making modifications to and cancellations of existing buyers limits
- Sending messages to our underwriters.
Globalliance-tailor made security via Coface's unique worldwide infrastructure
NGi credit Insurance is a coface globalliance contract, a flexible policy that can be tailored to your Company's specific requirements, regardless of size, type of business and countries of operation.
As a growing company, you may eventually expand your business and set up operations overseas. The modular structure of your policy enables you to extend your cover to protect your trade in markets abroad. It can provide your foreign subsidiaries with separate policies that are structured in the local language and according to local law. A regional Coface representative office will work with each of your subsidiaries to manage each policy for greater convenience and operational efficiency.
What is Credit Insurance?
Credit insurance protects companies and financial institutions against customer defaults. In simple terms, our Credit Insurance would ensure that the policyholder is paid for the unpaid credit balance from the sales made to customers.
To explain further, a credit insurance policy is a guarantee that our policyholder will be paid, subject to the terms and conditions of the policy, for the merchandise shipped or services rendered to their customers. By assuring payment, credit insurance can strengthen a company's balance sheet and enhance the borrowing power helping companies to grow their business.
Our Credit insurance policy would cover unpaid credit balance from sales made to customers located domestically or in over 140 countries. The credit insurance policy is structured to meet clients specific needs, offering the types and amounts of coverage that make sense for our clients.
What are the benefits of Credit Insurance policy?
There are five major benefits, they are:
1. Protection against Customer bankruptcy and insolvency
Under the policy, the client will be reimbursed for losses on covered accounts. This helps to protect our client's profit margin (and allow them to sleep at night knowing that all of their assets are adequately protected!!)
2. A resource for Credit Intelligence
When you consider selling on credit to a new customer or extending additional credit to an existing customer, it's important to know the customer's current credit history. NGI/Coface Underwriting professionals will analyze accounts using a wealth of information, including a proprietary database and let you know the limits of credit that would be covered under your policy. You can use this information along with your other credit resources to decide how much credit you wish to extend, as well as the terms of credit agreement. In addition, if we deny coverage, we will tell you why…so it's like a getting a second opinion on a customer's creditworthiness!!
3.Helps Increase sales
A credit insurance policy may allow you to extend larger lines of credit to some of your customers, thereby enabling you to increase sales. Without credit insurance, you may have to limit credit lines to many customers so that you are comfortable with the amount of risk you can assume.
4.Enhanced borrowing power for your company
Your insured portfolio of accounts receivable can assist you in procuring larger
Loans or better terms from your financial institution! Think about it!!
5.Past Due collection services
As a credit insurance policyholder, you will be able to take advantage of our collection services to control past due accounts before they become uncollectible. In association with Coface, our professional collectors can handle accounts nationwide, in addition to many overseas locations. Our Partner Coface will also act as a liaison in any litigation that becomes necessary. All of these benefits apply to companies that sell their goods and services domestically as well as internationally.
How does the policy work?
Because each business is unique, a credit specialist will work with you to customize the policy to your particular needs. In general, accounts are recovered in several ways. Some accounts will be automatically covered while others will be specifically listed on your policy. Additionally, you may choose to cover certain markets for political risk where applicable.
As your business grows, the credit specialist will help you to adapt your policy accordingly, for example, you can add new customers or make changes to existing coverage.
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