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blinde dekking

English translation: whole turnover policy

19:11 Dec 3, 2008
Dutch to English translations [PRO]
Bus/Financial - Insurance / policy conditions
Dutch term or phrase: blinde dekking
"Een regeling bij kredietverzekeringen waarbij binnen de verzekering een limiet is afgesproken waarbinnen transacties kunnen plaatsvinden zonder dat er sprake is van een toetsing vooraf of dat er sprake moet zijn van betalingservaring. Meestal geldt een minimaal eigen risico van 50%."

This definition is found at http://www.beekhuis.nl/html_files/letters.html#B. I've dug into my dicos, googled & checked with my local insurance rep, but have come up with nada. Suggestions? TIA. Cheers, R.
Robert Kleemaier
Canada
Local time: 01:17
English translation:whole turnover policy
Explanation:
This is a very specialised trade credit term. Most types of trade credit insurance are tailored to the individual organisation. So there may be no term for it and you may have to invent one. But there are several general types and this is one of them. I believe it is comparable to a 'whole turnover' policy, especially as defined below:

"Whole-Turnover Policy covers the whole of the policyholder's business and allows the policyholder to grant credit up to a stated limit. Above this limit, credit must first be agreed with the insurer. Insurers are geared up to give their customers speedy and accurate decisions on credit limits for new buyers."

There is always an excess which excludes losses below an agreed figure, this is normally between £500 and £1,000 although it can be set higher if there are requirements for a lower premium rate or if the historic bad debt experience is particularly poor.

The insured percentage on claims is normally between 80% and 90%, in certain circumstances it is possible to arrange 100% cover. Claims are payable due to any type of insolvency, settlement can be made on debts that are agreed to be "uncollectable".

Credit limits are set by the insurance company on major customers, they are subject to a review from time to time based on the latest available information. In terms of policy administration the insurance company will recommend an approved credit limit on principal customers whilst allowing credit limits up to a certain level to be set by following an agreed set of procedures. For companies turning over up to £5,000,000 it is normally appropriate for the insurance company to look at individual credit limits in excess of £10,000 and for larger companies this figure can be increased based on a number of factors including the quality of the credit control procedures.

The premium rate is based on a combination of factors including trade sector, estimated turnover, previous bad debt experience, the strength of principal customers, terms of payment offered, and general credit control procedures. In terms of premium rate the cost will vary considerably based on the above factors, however broadly speaking rates vary between 0.2% and 0.9% of insurable turnover. Most of the larger Credit Insurance companies have a minimum annual premium of around £4,000. This really makes a policy uneconomic for any company with insurable sales of less than £400,000.

Most of the leading Credit Insurance companies offer this type of cover and we do see a considerable variation in cost, sometimes this is as much as 40-50% between competing companies. For many years the Credit Insurance industry was dominated by one company, fortunately this situation has now changed with many different Underwriters competing fiercely in the market. Premium rates are on average 40% lower than they were in the last recession, which is in part due to the effects of increased competition.

As an additional service to the above most companies will extend cover to incorporate legal and collections costs that are incurred in recovering insured debts. This can be extremely valuable, especially if there is a need to issue winding up proceedings against a defaulting company or if an overdue debt occurs with an overseas customer.
Selected response from:

Ballardtrans (X)
Netherlands
Local time: 10:17
Grading comment
Many thanks, Ma'am! Cheers, R.
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +4whole turnover policy
Ballardtrans (X)
3 -2statutory reporting limit
Textpertise


  

Answers


30 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): -2
statutory reporting limit


Explanation:
A limit beneath which it is not necessary to report or supervise transactions. Most commonly used when speaking of money-laundering and fraud, e.g.
http://www.iss.co.za/Pubs/ASR/6No2/Camerer.html

While computer technology, more specifically the Internet, has facilitated the laundering of money through bank accounts, computer systems can also be used to detect laundering through monitoring accounts according to certain rules. For instance, the following can be 'asked':

- Is this account doing something unexpected?
- Are there signs of quick in-out movement – especially if the account is new?
- Is there a high percentage of the original amount transferred out within X days?
- Is the percentage of amount deposited relative to any internal or ***statutory reporting limit*** (e.g., $9 500 when the limit is $10 000)?
- In seeking to root out 'front' companies, is the behaviour of the account comparable to baseline behaviours of other accounts in the same business sector?


Your extract is probably not talking about money-laundering but I think the same or a similar principle is in play.

Textpertise
United Kingdom
Local time: 09:17
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 23

Peer comments on this answer (and responses from the answerer)
disagree  Bruce Gordon: This relates more to reporting by the financial institution to its supervisory body, rather than an insured to the insurer.
14 hrs
disagree  jarry (X): Of no relevance to trade credit/credit insurance I'm afraid.
1 day 15 mins
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56 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +4
whole turnover policy


Explanation:
This is a very specialised trade credit term. Most types of trade credit insurance are tailored to the individual organisation. So there may be no term for it and you may have to invent one. But there are several general types and this is one of them. I believe it is comparable to a 'whole turnover' policy, especially as defined below:

"Whole-Turnover Policy covers the whole of the policyholder's business and allows the policyholder to grant credit up to a stated limit. Above this limit, credit must first be agreed with the insurer. Insurers are geared up to give their customers speedy and accurate decisions on credit limits for new buyers."

There is always an excess which excludes losses below an agreed figure, this is normally between £500 and £1,000 although it can be set higher if there are requirements for a lower premium rate or if the historic bad debt experience is particularly poor.

The insured percentage on claims is normally between 80% and 90%, in certain circumstances it is possible to arrange 100% cover. Claims are payable due to any type of insolvency, settlement can be made on debts that are agreed to be "uncollectable".

Credit limits are set by the insurance company on major customers, they are subject to a review from time to time based on the latest available information. In terms of policy administration the insurance company will recommend an approved credit limit on principal customers whilst allowing credit limits up to a certain level to be set by following an agreed set of procedures. For companies turning over up to £5,000,000 it is normally appropriate for the insurance company to look at individual credit limits in excess of £10,000 and for larger companies this figure can be increased based on a number of factors including the quality of the credit control procedures.

The premium rate is based on a combination of factors including trade sector, estimated turnover, previous bad debt experience, the strength of principal customers, terms of payment offered, and general credit control procedures. In terms of premium rate the cost will vary considerably based on the above factors, however broadly speaking rates vary between 0.2% and 0.9% of insurable turnover. Most of the larger Credit Insurance companies have a minimum annual premium of around £4,000. This really makes a policy uneconomic for any company with insurable sales of less than £400,000.

Most of the leading Credit Insurance companies offer this type of cover and we do see a considerable variation in cost, sometimes this is as much as 40-50% between competing companies. For many years the Credit Insurance industry was dominated by one company, fortunately this situation has now changed with many different Underwriters competing fiercely in the market. Premium rates are on average 40% lower than they were in the last recession, which is in part due to the effects of increased competition.

As an additional service to the above most companies will extend cover to incorporate legal and collections costs that are incurred in recovering insured debts. This can be extremely valuable, especially if there is a need to issue winding up proceedings against a defaulting company or if an overdue debt occurs with an overseas customer.


    Reference: http://www.paulhumphreys.co.uk/wholeturnover.html
    Reference: http://www.sg.eulerhermes.com/en/whole_turnover/whole_turnov...
Ballardtrans (X)
Netherlands
Local time: 10:17
Specializes in field
Native speaker of: English
PRO pts in category: 4
Grading comment
Many thanks, Ma'am! Cheers, R.

Peer comments on this answer (and responses from the answerer)
agree  Kate Hudson (X): Sounds pretty plausible
1 hr
agree  Bruce Gordon: This looks like an accurate description of what the source text is talking about.
13 hrs
agree  Buck
16 hrs
  -> thanks, man!
agree  jarry (X): I think this hits the nail on the head!
23 hrs
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