Insurance Premium Financing
Insurance premium financing is a short-term credit that allows the company to pay the full amount of its annual insurance premiums. It mainly concerns Property and Casualty Insurance or Non-life products (Homeowners, Property, Liability, Workmen's Compensation, Health, Automobile, etc.)
ADVANTAGES
- To meet the requirement of paying the entire premium before the contract takes effect as per the new Article 13 of the CIMA Code
- To spread the payment of the insurance premium over 10 months for better cash flow management while benefiting from annual insurance coverage.
CHARACTERISTICS
- Rate: It is 0%, however, the client will pay a commission of 5% of the insurance premium
- Duration: The repayment is made over 10 months
- Amount: Minimum of 10 million (cumulative of all client insurances)
- Repayment: The repayment is made over 10 months; the commissions and 10% of the premium are paid by the client at the first installment.
- Documents to provide:
- The insurance premium financing request
- A first installment payment check (with TAMOR)
- Copy of the company's bylaws
- Copy of the Managing Director's ID
- Copy of the RCCM (Trade and Personal Property Credit Register) extract
- A copy of the Minutes of the Ordinary General Meeting
- Nine bills for future installments
- No guarantee required