Questions / Answers

Why to sign a COTUNACE Credit insurance?

There are several reasons why you may underwrite a COTUNACE credit insurance Policy:

Secure your customer account against the risk of unpaid bills and preserve your profitability. Being insured by COTUNACE, you are compensated in case of unpaid bills and you can develop your business with confidence.
Take advantage from the know-how of COTUNACE and the quality of the advice of a professional in credit insurance over 40 years.
Decrease the costs associated with your customer account management.
Improve the recovery rate of your outstanding payments.
Benefit of the monitoring of the financial situation of your customers.
Facilitate your access to bank financing by reassuring your financial partners thanks to the COTUNACE guarantee.

As a company, what benefits can I get from COTUNACE insurance?

First of all, COTUNACE fulfills a preventive function orienting the exporting company or operating on the Tunisian market to engage in business relations with good health customers.

If, despite the prevention effort, non-payment occurs as a result of one of the covered risks, COTUNACE will compensate you up to 80% ; 90% of the outstanding unpaid amount.

The COTUNACE guarantee facilitates also the financing of your exports for the following two phases: pre-shipment and post-shipment.

Does COTUNACE's credit insurance cover only exports?

Since 2014, COTUNACE covers both exports and domestic sales (on the Tunisian market) against the risks of default of payments.

I work with countries with political environment that is sometimes instable, can I still take advantage from COTUNACE credit insurance?

With the support of the Tunisian State, COTUNACE assures you against the non-commercial (political) risks that may arise in the countries of your foreign buyers: Wars, riots, revolutions, non-transfer, Natural disasters, ...

How much will COTUNACE credit insurance cost me?

Your credit insurance premium varies depending on several elements:

Your insurable turnover
The geographical area (s) concerned (Tunisia and / or foreign)
Your customer portfolio diversifying
The deadlines and conditions of payment you offer to your clients
The list of outstanding amounts and the main losses or payment incidents

To this premium may be added a partial participation in the survey costs (business information) for each new guarantee demand on a new buyer and for monitoring fees payable annually on the anniversary date of your guarantee approval.

What does the Global Option mean in current business contracts: TASDIR, MABI3ATI and ACS?

Your choice for this option means that you have decided to submit your entire turnover to the COTUNACE guarantee.

The choice of the Global option allows you to benefit from favorable rates and certain privileges in the management of your contract.

What is an overdraft?

The overdraft represents the maximum amount that your outstanding amount could reach on a given customer. It is calculated on the basis of the value of shipments and / or sales made, their frequencies and their payment deadlines.

Under revolving insurance contracts, the COTUNACE guarantee is given in the form of a guaranteed overdraft on each of the authorized buyers. These overdrafts are automatically renewable up to the level of payments received (Revolving mechanism)

What is the quota guaranteed?

The quota guarantee is the share indemnified by COTUNACE in case of claim. This quota guarantee varies between 80% and 90% according to the COTUNACE contract subscribed.

This is to incite the policyholder to manage well the risk by taking over this part of risks like a franchise (not guaranteed by COTUNACE).

What is the proportional rule?

The proportional rule applies to all cases of indemnity where it appears that your outstanding amount on your buyer, on the date of declaration of the claim, is greater than your overdraft amount granted by COTUNACE.

Indemnity will be calculated as follows:

Amount of indemnity = Amount of loss x Guaranteed overdraft amount x quota guaranteed / Outstanding amount at the date of declaration of the claims

What is the Maximum Indemnity?

It is the clause which ensures the balance between the premiums and the indemnities paid.

Generally, this clause limits the amount of indemnity that will be paid by COTUNACE for an annual insurance exercise. This maximum is expressed as a multiple of the minimum premiums or premiums paid by the policyholder for the same insurance year.