Late payment or the eventual bad debt can stifle your business growth. Receiving only a portion of amounts owing by delinquent debtors from your primary insurer is problematic. With our Gap Cover product, payout in the event of bad debt is maximised to 95%, providing additional protection. Gap cover is especially useful in low margin industries or in cases where the primary insurer takes remedial action by reducing the insured percentage due to macro economic events like for example the Covid pandemic.
Credit GAP Cover is ideal if your business trades with small profit margins and takes a conservative view on protecting capital. It’s also suitable if you use a debtor funding facility and could access additional funding with the increased insurance percentage.
In order to qualify for our Credit GAP Cover product, your business needs to have a credit insurance policy in place, referred to as the Primary Insurance Policy.
We calculate premiums based on the Primary Policy’s method – i.e. either on a fixed monthly premium, a percentage of outstanding balance or a percentage of insured turnover.
Cinque, the administrator, is an authorized financial services provider (FSP 40138).
Quinary is underwritten by Old Mutual Alternative Risk Transfer Insure Limited, a licensed Non-Life Insurer and authorised FSP.
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Fountainview House
Constantia Office Park
Corner 14th & Hendrik Potgieter Rd
Weltevredenpark
Johannesburg
1709