Insurance

Póliza PY Credit Insurance

Protecting your company gives you peace of mind. With "Póliza PY" Credit Insurance you can:

Guard against potential non-payment by customers.
Gauge the solvency of your customers.
Optimise recovery of outstanding debts for sales on credit.

How does Póliza PY Credit Insurance work?

The Póliza PY facility for self-employed and SMEs is a credit facility by the Solunion insurance company. When you take out the insurance, you must state all the customers you give credit facilities to in order to obtain protection.

You must request classification of your customers and the insurance company will classify your customers in terms of their solvency, and will establish a cover threshold for each of them.

During the annual period, you must stipulate any new customers you add to your portfolio in order to obtain cover, and the insurance company will monitor each customer stipulated and will inform you of any changes in their solvency and cover threshold.
If the bill is unpaid, you must communicate the non-payment and the insurance company will begin the recovery process.
If the debt cannot be recovered within the timeline stipulated (120 days), the insurance company compensates the debt as per the provisions of the facility¹.

Which protection options can you choose?

You can configure the Póliza PY Credit Insurance Facility in accordance with your protection needs:

Póliza Py: service classifying customer debtors, service to recover non-payments and compensation for non-payment.
Póliza Py + Anonymous Parties Module: in addition to the above, this includes the possibility of arranging cover for your customers with risk levels below EUR 3,000, with no need to classify them.
Póliza Py + additional annual excess: includes the services of the general facility and the possibility of undertaking an annual non-compensatable loss. Above this amount, the insurance company will begin to undertake payment of claims.
Póliza Py + Anonymous Parties Module + Additional Annual Excess: includes the conditions of all 3 modes.

What conditions do you have to meet to take out the PY Credit Insurance Facility?

You must be an SME or self-employed, with a turnover of between EUR 100,000 and EUR 6,000,000, making sales on credit.

The maximum timeline for insurable sales on credit is 120 days, from the date on which the bill is issued.

You may not take out this policy is your business is in the renting (any type of leasing), software or jewellery sectors.

The countries covered are: Germany, Andorra, Austria, Belgium, Canada, Chile, Colombia, Denmark, Slovakia, Slovenia, Spain, the United States, Estonia, Finland, France, Gibraltar, Greece, the Netherlands, Hungary, Ireland, Iceland, Italy, Latvia, Luxembourg, Malta, Mexico, Monaco, Norway, Poland, Portugal, the United Kingdom, Czech Republic, Romania, San Marino, Sweden and Switzerland.

What services and cover does the Póliza PY facility provide¹?

Customer classification and prospecting

Gauge the risk of your current or potential customers.

Flat customer classification rate: this will enable you to explore the market, ascertaining the credit ratings of potential customers.

Continuous monitoring of the financial capacity of your customers.

Recovery

The insurance company gives you access to an international network of local experts who can do the following on your behalf:

Accelerate debt recovery timelines.

Save time and internal resources.

Manage recovery to recoup losses.

Manage claims with a team of specialist lawyers.

Compensation

Insure sales and the continuity of your business, avoiding possible non-payment problems.

You can undertake new orders with no risk or worries.

In the event of definitive non-payment, the insurance company compensates the non-payment up to the cover percentage based on the classification of your customer and the limits set in the conditions of the policy.

Other modules

Additionally, the following modules can be added to the policy:

Anonymous Parties Module: this includes the possibility of arranging cover for your customers with risk levels below €3,000, with no need to classify them.
Additional Annual Excess Module: includes the possibility of undertaking an annual non-compensatable loss. Above this amount, the insurance company will begin to undertake payment of claims.

The cover percentage for non-payment compensation is 85% for customers grade-classified by the company between 1 and 7. The cover percentage is 0% for customers grade-classified by the company between 8 and 10. The annual compensation cover limit is between €52,800 and €430,000 depending on the declared turnover.

For Anonymous Parties cover, the cover percentage for compensation for non-payment by customers for which no classification is requested will be 60% to a credit risk threshold of EUR 3,000.

There is no cover for transactions under EUR 300.

FAQs

The insurance policy has a term of one year, and is automatically renewable at each expiry date. The policy may be cancelled at the expiry date on two months' notice by the insurer or the insured.

Yes. Póliza PY has a facility to add an extra annual excess to cover an annual non-compensatable loss above which the Insurance Company would begin to assume the payment of the claims and according to the conditions of coverage established in the policy. This annual franchise is fixed and is established based on billing.

The total cost of the policy is calculated automatically on the basis of billing, and the inclusion or exclusion of the optional cover for anonymous parties and excess.

The cost is composed of:

The insurance premium.
The cost of the classification and prospection and recovery services included.

You can obtain an offer at your nearest Santander branch from your personal manager or on the Banco Santander website or app.

The insurance premium can be broken down into instalments, and payment may be annual, half-yearly or quarterly. The cost of the classification and prospection and recovery services cannot be broken down into instalments, and the sum is charged at the outset.

You must report non-payment of the invoice after due date to Solunion using the online MiSolunion tool, and not overrun the notification deadline stipulated in the policy. Solunion will commence recovery proceedings, and if the debt cannot be recovered within the timeline stipulated (120 days), the insurance company compensates the debt as per the provisions of the facility¹.

You will be able to access information on proceedings and the situation of the claim in MiSolunion.

There is no cover for transactions under EUR 300.

1. Pursuant to the limits, coverage and exclusions included in the contractual terms and conditions of the policy taken out.

Insurance brokered by Santander Mediación Operador de Banca-Seguros Vinculado, S.A. (“Santander Mediación”), via its distribution network Banco Santander S.A., by virtue of the agency agreement it has signed with the insurance company Solunion Seguros, Compañía Internacional de Seguros y Reaseguros, S.A. The company Santander Mediación is listed in the register of the Directorate-General for Insurance and Pension Funds under no. OV-0042 and has signed financial capacity and third-party liability insurance pursuant to current legislation. For other insurance companies with which Santander Mediación has an agency agreement in place for the distribution of insurance products, see www.santandermediacionobsv.com.