Warranty and Credit

Warranty and Credit

With the increase in credit operations through commercial platforms in recent years, the way we buy products has evolved. Protection of business income is now more paramount than ever given the reliance on distribution channels. Chesterfield, concerned about our customers, has developed products designed to meet the demands of this demanding market.

Credit Insurance

It is an Instrument that protects companies from the risk of non-payment of accounts receivable in the national market (Domestic Credit Insurance) as well as in the international market (Export Credit Insurance) caused by a declared insolvency (bankruptcy) or presumed insolvency (unpaid credits).

Customer or Debtor. Natural person with commercial activity or legal person, counterpart of the Insured in a commercial sale or provision of services, obliged to pay the credit insured by the Policy.

Sale or Provision of Service. Commercial contract, both for the delivery of goods and for the provision of services between the Insured and the debtor, included in the insured activity that is expressed in the Particular Conditions of the Policy and whose payment is made on credit by the Debtor.

Credit. It is the right of the Insured to obtain from the Debtor and, where appropriate, the guarantor, the payment of the price for the supply of the goods or the provision of services.

Types of Credit Insurance

Domestic Credit Insurance
Provides coverage for credit sales made in the national market to legal or natural persons with a business line of business. The Insured's domestic credit portfolio is divided into two types of Nominated and Unnamed clients, according to the amount of the credit limit granted to each one.

Export Credit Insurance
It provides coverage for credit sales made in the international market (exports in collection), that is, it covers the Commercial Risk of exports. It helps exporters to increase their sales and enter new markets, since it allows them to export with minimal and limited risk

Warranty Insurance

Compliance by the policyholder, or secured party, of an obligation to do contained in a contract, or a legal provision is guaranteed, and is obliged to pay the insured up to a certain amount (insured amount) the damages that said said breach.

Affiliated or Contracting Party: whoever takes the policy and pays the premium, is the subject who must comply with the obligations guaranteed by the policy.

Insured or Principal: in favor of who is the policy and who is compensated in the event of a claim.

Insurer: who issues the policy.

Types of Coverages:

• Seriousness of Presentation to Proposal
• Faithful Compliance with Contract
• Correct Investment of Advances
• Exchange of Withholdings
• Correct Professional Performance
• Green Sales
• Warehouse
• Temporary admission