GENERAL INFORMATION ABOUT ARI
- WHAT IS ACCOUNTS RECEIVABLES INSURANCE (ARI)
Companies extend credit to businesses when they provide products or render services. These accounts receivables are usually one of the largest assets for small businesses. Just as companies insure their buildings and equipment, now they can insure their receivables and grow their business with Waldorf Growth Partners. Accounts Receivables insurance (ARI) secures accounts receivables from non-payment or late payment from domestic & international buyers.
- HOW WGP CAN HELP GROW YOUR BUSINESS & INCREASE YOUR PROFIT?
ARI Insurance allows businesses that operate on open account terms to improve the ability to borrow and increase working capital at better rates. ARI can also help companies gain new international customers by offering open account terms on insured sales. We help increase your sales to existing customers by offering better open account terms.
- WHAT IS INSURED?
The whole portfolio of receivables is submitted. After the application is completed, you will receive a quote outlining which parts of your portfolio can be insured. Some or all will be included.
- WHO CAN APPLY?
Companies registered in the USA may apply even if they are foreign owned.
- ARE INTERNATIONAL COMPANIES ALLOWED TO APPLY?
Yes. You must be a registered company in the USA to apply. Subsidiaries of foreign companies are able to apply as well.
- ARE MY INTERNATIONAL CLIENTS COVERED?
Yes. We insure International and domestic customers of policyholders.
- WHAT IS WHOLE TURNOVER?
It’s a credit insurance policy that covers the insured’s total credit sales as opposed to insuring only one or a few key buyers.
- WHAT TYPE OF RISK IS INSURED?
Two areas are covered.
- Commercial Risk including: Insolvency of your customers; Chapter 11, Chapter 7 or equivalent in country of domicile; Protracted default and continued delinquency/inability to pay.
- Political Risk including: Currency Inconvertibility, Exchange transfer risk, Import/Export Embargo, License Cancellation
- EXPLAIN HOW MY POLICY IS TRANSFERABLE TO THE BANK.
A policy holder may assign the legal rights to a claim payment under your policy to a lender as “loss payee.” This is frequently done to improve borrowing terms.
- ARE BUYER LIMITS CANCELLABLE?
No. Buyer limits are non-cancellable during your policy term. Under many credit insurance policies, buyer limits are cancellable by the insurer.
- ARE THERE SALES MINIMUMS?
Yes. Waldorf Trade Risk works with companies with $250,000 or more in annual revenues.
- DOES ARI WORK WITH FACTORING?
ARI works as an enhancement to portfolio factoring, lowering the overall cost of borrowing.
- WHO COLLECTS THE DEBT FROM THE CUSTOMER IF I AM NOT PAID?
Once an insurer approves a claim, it pursues collection of the bad debt
- HOW DOES WGP COVER RISK?
We are the approved program administrators for a Fortune 100 “A” Rated Insurance Carrier. All claims are handled directly by the insurer
DO I NEED TO WORK WITH A LENDER TO APPLY?
No. You can apply directly through our website. WGP works with, approved insurance agencies and also via lenders.
WHAT IS THE DATA SECURITY POLICY?
SSL (Secure Sockets Layer) Certificates are a security standard used to create an encrypted connection between your Internet browser and our web servers. Waldorf Growth Partners employs a 256-bit encryption layer to ensure that all data passed to our platform remains private and undecipherable to all parties except our application. This protects your financial data from malicious, hackers and identity thieves.
WHO SEES MY FINANCIAL DATA?
Just WGP & the insurance carrier.
HOW LONG DOES IT TAKE THE INSURANCE COMPANY TO PAY?
A proof of loss must be submitted by your company to the Insurer detailing the circumstances around your claim. Once the Insurer has received the Proof of Loss, most claims are paid within 30 days.
WHAT IS A PROOF OF LOSS?
A form detailing the circumstances of non-payment that the Insurer requires to process a claim.
WHAT CAN I USE FOR A PROOF OF LOSS?
The proof of loss form is included in the insurance policy.
WHAT IS PROTRACTED DEFAULT?
The failure by a buyer to pay the contractual debt within a pre-defined period calculated from the due date or extended due date of the debt.
DOES WGP NEED MY WHOLE CLIENT LIST?
No. We will need to know the identities & credit limits of your largest customers to provide a quotation.