Banks rely on taking good security when lending and Accounts Receivable often form part of this collateral. As a financial institution, you want to be able to help your clients, while at the same time protect yourself from potential losses.
Millennium CreditRisk Management offers an innovative made-in-Canada product that provides access to credit insurance product, where all decisions relating to underwriting, credit limit approvals and claims are managed in Canada. The program covers both domestic and export sales.
Why This a Good Program for Banks
Protecting accounts receivable and cash flow is good management, but policy compliance has always been a concern for banks. Millennium’s ongoing involvement with the client after policy issuance with a focus on reporting and policy administration provides greater security for the bank.
The benefits and features include:
- Clear policy language
- Automatic construed coverage (firm orders received remain covered if shipped within 30 days of a notice to reduce or withdraw coverage)
- Flat premium calculation (Non-adjustable and no sales declaration required)
- Premium payment installments
- No minimum premium if policy cancelled
- Automatic buyer approvals up to $5,000 (Subject to cap of $10,000)
- Expedited claims payment for insolvency claims
- No collection fees
- Millennium assistance in expediting credit limit approvals
- Prompt communication with Banks involving all credit limit and policy changes where bank is named as a loss payee/beneficiary
Contact us today to learn how this program can help your clients, while protecting your financial institution from losses.
Program underwritten by the Guarantee Company of North America.
Financial Ratings – S&P A- Stable; AM Best A Excellent