COVERAGE FEATURES

The Guarantee Company of North America Credit Insurance policy is designed for Canadian companies.

• Buyers are underwritten on their own merits, and allocated specific credit limits
• Coverage is available for most goods and services including customized products
• "Basic" policy covers insolvency and protracted default for goods shipped or services rendered by the insured during the policy period
• Discretionary credit limits can be granted by the insured if warranted
• "Basic" policy covers buyers located in North America (Canada and USA). "Extended" policy can cover buyers in other countries
• Policy period is usually twelve months
• Deductibles can be applied to reduce premium costs
• Coverage is available to protect the insured against pre-delivery risks or cancellation of the contract by the buyer
• Repudiation coverage is available by endorsement

ADMINISTRATION OF POLICY

Applying for Credit Insurance coverage from The Guarantee Company of North America is easy and straightforward.

The Financial Institution Bonds are elaborate variations of the 3-D Policy / Bond. There are several types, each adapted for the specialized requirements of differing types of financial institutions. The three most common are:

CLEAR APPLICATION

• The nature of the applicant's business
• Loss history on insolvency and past due accounts
• Buyer profile summaries
• Collection and credit management procedures

EASE OF ADMINISTRATION

• No annual administration fee
• Initial annual policy premium based on projected sales
• Premium adjustments based on periodic sales reports
• Payment of premiums and fees through insurance brokers. (Financing may be available)

RESPONSIVE CLAIMS SERVICE

• Adjusted by our in-house professional staff.

COLLECTION ASSISTANCE

• Assistance in collecting insured past due accounts.

HELPFUL CREDIT INFORMATION

• Credit experience available on prospective buyers.

Need help? Check the Glossary.