Fault and Non-Fault Insurance Finance (SIC 65110)

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Trade Finance Global / Finance Products / Fault and Non-Fault Insurance Finance (SIC 65110)

What is Fault and Non-Fault Insurance Finance?

We work with companies who receive a proportion of their work or payments from insurance companies; this can be in relation to both fault and non-fault insurance work. We have many companies that work on insurance related jobs and contracts; so we assist with the financing of their transactions.

Fault and Non-Fault Insurance Finance

Many companies who work with insurance companies trade with unpredictable revenue streams – the result of this is difficulty in relation to knowing what work may be taken on, paying staff and general expansion of the business. We work with companies such as car garages, removal firms and building companies. We assist in structuring a finance package to suit their needs.

Trade Finance Global has extensive expertise of creating finance packages to suit companies and our customers can be confident that we are well positioned at the heart of the industry; working with many of the best funders in the market. We know that some debt providers will not fund fault or non-fault insurance contracts, as the debt is not easy and straightforward like other asset classes.

The relevant funders in the market that we work with have an in-depth knowledge of the insurance market and the associated payment terms. Therefore, we have the ability to offer flexible finance arrangements that work with many different types of companies. We can work with any size of the company and see each client as unique. We will attempt to identify what the needs of the client are and will attempt to find a suitable financing package in order to work with them.

Insurance Finance Requirements
  •  You are looking for a finance facility
  •  You have an established trading company
  •  The business is creditworthy
How the transaction works

When a company works with insurance contracts, payment terms can be difficult to predict or may be far in the future. Therefore, when a company has the knowledge that they will receive a lot of work, they may want a business loan in order to fulfil this influx in work or after work is complete; they may want a factoring or invoice discounting company to work with them in order to receive funds prior to the insurance company paying them. Due to the unpredictable nature of work, seasonality and possible long payment terms, a finance facility may be used. This may allow smooth trading and growth; the type of facility will depend on the needs of the client.

What is the SIC Code for Fault and Non-Fault Insurance-Finance?

The SIC Code is 65110 (Life insurance)

Other SIC Codes that could also be used are:

  •  65120 Non-life insurance
  • 65201 Life reinsurance
  • 65202 Non-life reinsurance
  • 66220 Activities of insurance agents and brokers
  • 66290 Other activities auxiliary to insurance and pension funding.

Top 10 Trade Finance Questions

Case Study

Car garage, Middles borough

We employ a few people and get a number of insurance-related contracts. From a revenue perspective, it is great. However, payment is usually longer than dealing with fulfil business customers. A smart invoice discounting facility has allowed us to have certainty when it comes to payments and taken away a headache, due to the uncertainty of the business.

Speak to our trade finance team

Benefits of Insurance finance

  •  No security or directors guarantee required
  •  Invoice discounting or stock finance available even if the banks may have refused
  •  Our partners get you competitive market rates
  •  Fast turnaround – get insurance finance in less than 24 hours

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About the Author

Mark heads up the trade finance offering at TFG where his team focuses on bringing in alternative structured finance to international trading companies. Prior to joining TFG (tradefinanceglobal.com), Mark qualified as a lawyer with a top ranked global trade and structured commodity finance team.

Mark has previously advised commodity trading firms, banks and alternative capital providers on international structured trade financings, pre-export, prepayment and limited recourse structures – notably in the oil, soft commodities and metals sectors. This has included mining finance projects, structured letter of credit facilities, receivables discounting and forfaiting agreements.

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