More flexibility for suppliers
Credit insurers are becoming increasingly active. As the food newspaper reports, the German commercial credit insurer Euler Hermes is now reacting: According to the report, manufacturers can extend the payment terms for customers by a maximum of 60 days without consultation.
With the step, suppliers get more flexibilityin order to meet their customers’ needs in the retail sector during the Corona crisis. By the end of May, customers could do this with their customers without prior consultation Extend payment terms by a maximum of 60 days, the Allianz subsidiary told the food newspaper. The deadline for submitting claims for collection is also being extended: this is now 30 days. Both apply to cumulative claims up to a limit of EUR 500,000.
“Euler Hermes has initiated numerous measures for business in Germany in these difficult times to support as best as possible“Quotes the food newspaper a spokeswoman for the largest German commercial credit insurer. A special focus should therefore be on supporting small and medium-sized companies with a turnover of up to 25 million euros.
In addition to Euler Hermes, Coface has also become active. This credit insurer has the deadline for this week notification extended to 60 days for overdue claims.
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