Credit Insurance, designed for a portfolio of buyers, protects your company against the risk of non payment caused by corporate buyers. In addition to bankruptcy and chapter 11, the indemnification of up to 90% of the invoice amount will be paid if the collection wasn’t successful.
Insurers offer domestic (commercial risk) and export (commercial and political risk) Credit Insurance, with credit terms of up to 180 days.
The success of the capital goods industry depends, in addition to the quality of the machines, on the payment terms. In order to gain a sale, in many cases the seller is obliged to grant credit terms and thus finance the buyer. In a structured operation via a Single Risk Credit Insurance policy, the fulfillment of an agreed payment plan will be guaranteed. This is an important step in order to obtain financing, whether it is PROEX from BB, BNDES or your relationship bank.
Mainly in exports, there is the possibility of covering commercial risk only or including political risk. If your focus is capital goods, we can offer coverage when the machines are being manufactured - pre-shipment risk - or just post-shipment risk, which is a coverage usually used in order to obtain financing.
Surity insurance aims to guarantee the fulfillment of a contractual obligation, such as to build, manufacture, supply or provide services. To obtain a surety bond is a cheaper and easier way than to obtain a bank guarantee. Furthermore it won’t affect your bank credit line.
Through an analysis of the financial capacity and history of the company, which has a contractual obligation to provide a service or supply a good, specialized insurers determine a credit limit and a premium rate in case of non performance.
In 1997, the Brazilian government relaunched the Export Credit Insurance product, which had been inactive since the 1980s. On that occasion, SBCE – Brazil’s Export Credit Agency was created.
Eric Brabenec was COFACE Brazil Country manager for 4 years, moving on to positions in the US and Germany, gaining market knowhow and accomplishing great successes during this period.
After 10 years, in 2008, Eric set up his own company, GECO Corretora de Seguros, focusing exclusively on Credit Insurance.
In the financial segment, it supported banks in structuring policies to cover credit risk, mainly in the ACC line – Advances on Exchange Contracts. Over the years, the value of covered transactions has exceeded US$1 billion.
GECO also entered into major partnerships, such as with the insurance company Chubb and the BNDES, to enable the financing of exports in the BNDES-Exim modality with Credit Insurance.
Today, GECO has a portfolio of clients that ranges from large multinational companies to Brazilian companies with family management.
We support our clients in the management of multi-buyer policies and in the structuring of single-risk policies, which in most cases enable a line of financing.
Export Credit insurance contributes to the Brazilian industry
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