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Insurance
Promoted
by GECO

Insurance Promoted by GECO

CREDIT INSURANCE

Consumer goods

Internal / Export

Credit Insurance protects your company against the risk of default by corporate customers. In addition to bankruptcy and judicial recovery, the indemnification, up to 90% of the value of the open account, will be paid if the collection is unsuccessful. Insurers offer domestic (commercial risk) and export (commercial and political risk) Credit Insurance, approving credit terms of up to 180 days. Longer terms normally apply for capital goods and can be individually mitigated via a Capital Goods policy. The insurer, after having assessed the financial health of its customers, monitors its collection if the customer does not pay as negotiated.

Benefits

Almost all companies at the time of closing the sale are forced to grant deadlines to their customers (PJ). Depending on the branch, these deadlines can reach up to 6 months. With this, the selling company runs the risk of not receiving. The company that opts for Credit Insurance has the insurance company as a partner to reduce and even eliminate the risk of default of its buyers. With a Credit Insurance policy, your company can grant terms from the first sale, gaining market share ahead of competitors.

Concept

Insurers have databases in which a large part of national and international companies are registered and are evaluated regarding their financial health. Before the first guaranteed sale, the insured company requests a credit limit from its insurer. In most cases it already has the limit approved immediately (online), or at least a partial approval. In some cases, based on the information in their database, the insurer refuses coverage. In cases of partial coverage or refusal, it clarifies the decision to the insured.

With approval, the insured can sell on installments with the security of being able to count on his receipts: If the buyer does not pay on the due date, the insured uses his collection methods. After a certain period, the insurance company assumes the charge.

If the insurer is unable to receive the total or partial amount, it pays the insured person the invoice amount, minus the deductible. If the buyer is declared bankrupt, the insurer immediately reimburses the insured.

STRUCTURED OPERATIONS

Capital goods

Structured Operations aims to finance operations, whether performed or not.

Concept

In the case of performed operations, national or export, there is the possibility, in installment sales, of anticipating the payment of the buyer. Financial institutions offer a wide range of products, but almost always the seller faces the question of return if the buyer fails to pay. With a Credit Insurance policy, the seller is able to mitigate the risk of default by enabling credit lines based on the financial health of the customers themselves.

In the case of non-performing operations, it is possible to raise funds to finance the pre-sales phase, as long as there is a sales contract that clearly and objectively describes the operation. Usually the financial institution requires a guarantee insurance to release the funds.

Benefits

In the traditional way, companies raise funds by lending their own assets to guarantee the repayment of the loan, in case the cash flow is insufficient to honor the financial commitments. In the Structured Operation, the financing is no longer based on the financial health of the company raising funds, but on the financial quality of its customers.

In performed operations (after-sales) financial institutions generally lend money by discounting and/or buying receivables. Credit Insurance can guarantee the value of these receivables and thus have a positive impact on the interest to be applied. If the receivables are sold without the right of return, the company is able to reduce the indebtedness and thus act aggressively in the market, increasing sales without aggravating the risk of default.

GUARANTEE INSURANCE

Warranty Types

It guarantees the indemnity, up to the amounts indicated in the policy, of the damages resulting from the default of the contracting party, in the obligations assumed in the contract of construction, supply or provision of services signed between him and the Insured. It is used to guarantee the faithful execution of the contract.

It guarantees advance payments released by the Contractor, without immediate consideration for supplies, services and works. The full amount of the advance payment is required, and the policy ceases to exist when the obligation referring to the advance payment is fulfilled. This policy is normally not cumulative, because if another advance is made, the previous one is written off and the new amount is included. Indemnity is guaranteed up to the amount stipulated in the policy, according to the performance contract.

Contractors usually require a hold on each payment invoice. This type of surety bond replaces this retention, resulting in a greater margin for negotiation and the possibility of making possible corrections in values. Without this insurance, withholdings on invoices would increase the value of the contract.

It covers, for the Bidder, the costs resulting from the non-signature of the contract by the winner of the Bidding, its consequent cancellation or the call of the second place, guaranteeing the price differential. It is used to keep pre-established proposals firm, guaranteeing compensation if the Borrower fails to sign the performance or supply contract provided for in the Notice or Letter of Invitation.

It covers the performance of the contract and the risk arising from the replacement of the defaulting contractor by another.

It guarantees compensation, up to the amount stipulated in the policy, for damages resulting from the inadequacy of the quality of the work, services provided or goods supplied, object of the contract, for a maximum period of twenty-four months, after its delivery or entry into operation.

It guarantees the Federal Revenue the payment of taxes due on importation, when suspended due to inclusion in the Special Customs Regime, in case the taxpayer fails to comply with the conditions that allowed him to benefit from the suspension of tax liability. This coverage is used in the following customs operations:

  • Temporary Admission – importation of goods to stay in the country for a determined period;

  • Customs Transit – transport of imported goods between customs establishments;

  • Drawback – importação de matérias-primas ou produtos destinados à exportação após passarem por processo industrial no país;

  • Determination of Customs Value – determination of the real value of goods, when the minimum value attributed by the revenue is higher than that declared by the importer.

It works as a “bond” in legal proceedings, guaranteeing payment in the event of a final conviction of the borrower. Its purpose is to replace the judicial deposits that companies need to make when contesting any taxes, and which for this reason file a lawsuit against the Federal Government. It guarantees the payment of obligations that may be due in actions that have become final and unappealable.

To register your company so that GECO Serviços Financeiros can prepare a proposal with the insurance companies in question, it is necessary to present the following documentation:

  • Copy of the Articles of Incorporation and its latest amendment
  • Borrower Registration Form
  • Shareholder Registration Form
  • Balance Sheet and Income Statement for 2006, 2007, 2008
  • Certificate of Civil Action of Proceedings in Progress, valid for 90 days
  • Draft of the Agreement to be guaranteed and information on the nature of the services, terms and amounts involved

O Seguro Garantia tem por objetivo garantir o cumprimento de uma obrigação contratual, seja ela de construir, fabricar, fornecer ou prestar serviços. A sua contração constitui-se numa forma de caução mais barata e de mais fácil obtenção do que a fiança bancária, além de não afetar a linha de crédito bancário. Através de uma análise da capacidade financeira e do histórico da empresa (tomadora da garantia), que se obrigou contratualmente de prestar um serviço, fornecer uma mercadoria etc., as seguradoras especializadas determinam uma taxa de seguro e um limite de crédito para assumir o risco de não cumprimento.

Até pouco tempo atrás o preço de um Seguro Garantia era determinado pela taxa estabelecida pelo IRB (Instituto de Resseguros do Brasil). Com a abertura do mercado de resseguro as taxas praticadas no mercado brasileiro tendem a ser bem mais atrativas.

Existem inúmeros tipos de garantias, como tem inúmeros tipos de contratos à serem cumpridos.

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