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The business world is built on trust. However, this trust is sometimes misplaced. Credit insurance offers companies a means of protecting themselves against the insolvency of their customers. This tool remains little known to the general public, but is a strategic element for many businesses.
Definition and usefulness of credit insurance
Credit insurance can be defined as "an insurance system that allows creditors, in return for the payment of a premium, to cover themselves against the non-payment of debts owed by persons identified in advance and in default of payment" (J. Bastin, L'assurance-crédit dans le monde contemporain).
This insurance meets an essential need: preventing a company from finding itself in difficulty because of serious non-payment. Payment terms are a high-risk period. Between delivery and payment, a number of events can occur that jeopardise payment.
Dualism in credit insurance
Article R. 321-1 of the Insurance Code distinguishes between two types of credit insurance:
Internal credit insurance
It mainly covers the risk of insolvency of customers on the market. national market. This form of insurance applies to domestic commercial transactions and protects against the financial failure of customers.
Export credit insurance
This second form concerns international transactions. It has one notable feature: it covers both the commercial risk (insolvency of the foreign customer) and the political risk (war, moratorium, impossibility of currency transfer).
In France, the Compagnie française d'assurance pour le commerce extérieur (Coface) plays a key role in this area.
It is essential not to confuse credit insurance with other guarantee schemes, such as thedeposit insurancewhich make fundamental distinctions.
Historical hesitations about its legal nature
The legal nature of credit insurance has long been the subject of debate.
An initial link with the banking sector
Historically, credit insurance was based on banking and financial techniques. According to René Michel in his article "Assurance crédit et aval" (JCP 1939), credit insurance, particularly in the form of aval insurance, consisted of "an insurer selling his signature to facilitate the discounting of bills approved by him".
This view explains why the law of 13 July 1930 on insurance contracts explicitly excluded credit insurance from its scope.
Debate on its classification as an insurance contract
Several arguments have been put forward to deny credit insurance the status of an insurance contract:
- The supposed absence of a genuine group of policyholders
- The difficulty of offsetting risks using probability calculations
- The sometimes non-random nature of risk
These arguments have gradually been discarded. René Percerou, in "La nature juridique de l'assurance-crédit" (RGAT 1970), demonstrated that credit insurance met the criteria of an insurance contract.
Credit insurance today: a genuine insurance contract
Le European law played a decisive role in the recognition of credit insurance as an insurance contract.
Recognition in insurance law
European Directive 87/343 of 22 June 1987 explicitly included credit insurance in the scope of insurance activities. This approach was confirmed by subsequent directives on freedom of establishment and freedom to provide insurance services.
Borrowing from the Insurance Code
Today, several provisions of the Insurance Code expressly apply to credit insurance:
- Article L. 111-6, 1°, c classifies credit insurance as a "large risk".
- Article L. 112-2 requires the provision of a prior information sheet
- Article R. 321-1 lists credit insurance in class 14 of insurance activities.
Voluntary submission to the Insurance Code
Even in the absence of a specific text, the parties may decide to make their contract subject to insurance law. The Court of Cassation has upheld this practice (Cass. 1re civ., 23 June 1992).
Don't underestimate the importance of adequate protection against the risk of non-payment. A poorly negotiated credit insurance policy can prove ineffective and seriously compromise your company's finances. Our firm remains at your disposal to analyse your needs and assist you in your choices. steps.
Sources
- Insurance Code, articles L. 111-6, L. 112-2, L. 112-4, R. 321-1
- J. Bastin, "L'assurance-crédit dans le monde contemporain", Jupiter et Navarre, 1978.
- René Michel, "Assurance crédit et aval", JCP 1939, I, 84
- René Percerou, "La nature juridique de l'assurance-crédit : contrat d'assurance ou contrat crédit", RGAT 1970, p. 350.
- EEC Directive n°87/343 of 22 June 1987, OJEC n° L 185, 4 July 1987
- Cass. 1st civ. 23 June 1992, RGAT 1992, p. 609, note by J. Kullmann
- Véronique Nicolas, "Assurance-crédit interne et à l'exportation", JurisClasseur Droit bancaire et financier, Fasc. 800, 31 August 2005.
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