When will the insurance coverage be paid out?

In case of a delayed debtor payment, Advanon officially notifies the insurance provider at the latest 45 days after the due date of the invoice and hands over all necessary documents until 60 days after the invoice due date.

From that moment onwards the insurance provider’s collection team will try to collect the open amount from the debtor. If the collection is successful they will forward the collected amount reduced by their fees. If the collection is not successful the insurance provider has a mandatory waiting period of six months before making an insurance payout.

Please bear in mind that if the receivable becomes the subject of a complaint or is contested for any other reason, the waiting period is interrupted. The waiting period is only resumed once the complaint is resolved.

Once the claim is settled successfully and the waiting period is over it takes up to 1 month for the insurance provider to transfer the settlement. Please expect an overall time to receive your settlement of at least seven months.

Updated on March 26, 2019

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