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Finance for your business > Insurance premium finance
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Description
Insurance premium finance is an unsecured loan granted to you to pay your annual insurance premium in advance. You are required to repay the loan over a period not longer than 12 months. We obtain security for the loan from the insurance market, by having our interests noted on your insurance policy.
Benefits to you
The benefits of insurance premium finance are:
- An unsecured loan
- You pay the usual annual or quarterly premium in instalments
- You can reinvest the cash flow savings into working capital
- VAT input credit can be claimed upfront
- The premium underwriting rate is fixed for the year
- All insurance premiums can be combined into one monthly payment.
Information required from you
We need the following information from you:
- Insurance policy renewal date
- Premium amount
- Insurance company underwriting the policy
- Insurance cover that requires financing.
Insurance premium finance features
The following features are part of insurance premium finance:
- The minimum premium that can be financed is R50 000. There are no restrictions on the maximum amount that can
be financed.
- Deals can be structured
- There is no limit on the geographic location
- Most classes of insurance can be financed, for example:
- multimark III, assets
- motor
- fire
- theft
- aviation
- marine
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