In some cases, your primary credit insurer may not be willing to underwrite the credit limit you need. This can force you to trade uncovered, forego potential sales as well as impact your working capital if you use your debtors’ book for security. Top-Up Cover lets you cover amounts over and above the credit limits set in terms of your credit insurance policy.
Top-Up Cover is ideal if you want to protect your business’s capital base against financial loss due to bad debt, and your primary credit insurance policy doesn’t provide sufficient limits versus the limits you need to fully cover your debtor’s book.
Top-Up Cover is a separate policy underwritten by Old Mutual Alternative Risk Transfer. It’s completely separate from your primary credit insurance policy, and is not selective: it follows the same terms and underwriting of the primary policy.
Pricing of the Top-Up cover will be done on a case-by-case basis, considering, inter alia, the loss ratio of the Insured, the industry the Insured operates in and economic forecasts. The Top-Up cover may be priced higher than the credit insurance policy as it provides the policyholder with additional insurance cover over and above the limit of the traditional credit insurance policy. Premium will be calculated on a similar basis as the underlying policy, i.e. fixed premium, or declaration.
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