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Frequently Asked Questions

10 Questions on Credit Insurance:

 

What is credit insurance? Bad Debt Protection

Credit insurance provides cover to businesses against non-payment of debts owed to them by business customers for goods or services provided on credit terms.

What does credit insurance cost? Costs 0.15% to 1.5% of Sales

CGI premiums usually cost between 0.15% & 1.5% of your annual sales depending on the market sector you trade in, your bad debt experience and the amount of your sales. Flexibility in premium costs can be tailored to your requirements by use of excesses and similar price mechanism tools.

Are all my debts from buyers covered? All Buyers Covered

CGI recommends whole turnover cover as suitable for most businesses wanting comprehensive cover and credit management support. This means all your debts from buyers are covered unless a buyer is not creditworthy.

Is cover only provided when my buyer becomes insolvent? Default Cover

No. A CGI policy also provides cover for delayed payment (Default) ensuring your cash flow disturbance is kept to a minimum.

How do I know what cover I've got? Simple Credit Limit Notification of Cover

We will notify you of buyer credit limits covered in response to your requests. Your credit limit request can be made using E-mail or faxing a simple cover request form. On smaller limits you can decide your own cover using your discretion up to agreed levels.

When will I receive notification of cover? Fast Service with Human Touch

On average CGI sends credit limit notifications on Mauritian buyers within one week. On foreign buyers decisions may vary between two days and two weeks, depending on the country.

Do claims take a long time to be paid? Fast Claims Payments on Trade Supply Contracts

Not with CGI! Our stated aim is to pay valid Insolvency claims within 30 days of receiving a (fully) completed claim form and within 3 months for Default claims. We do not hide behind 'technicalities' and long drawn out proof of loss confirmations.

Do I have to do a lot of paperwork? Paperwork Kept to a Minimum

CGI has specifically designed its policy operation to keep paperwork to a minimum.

Can difficult industries be covered? All Sectors Taken into Consideration

Yes, each buyer is considered on its own merits whatever the sector. Not surprisingly premium charges reflect the greater likelihood of non-payment of invoices.

Are there any benefits to me apart from the insurance cover? Extra Benefits

  1. Increased sales through the confidence credit insurance protection provides and it can act as a deal facilitator.
  2. Claims can be assigned to banks and factors enhancing your ability to arrange facilities at improved terms.
  3. CGI delivers credit management assistance and dedicated support through our information network, underwriting skills and helpful staff.

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