Double non-payment definition

Double non-payment means when the debtor has a surety/guarantor, and neither the debtor nor the surety/guarantor performs its payment obligation. The insured party is entitled to the “Double non-payment” discount if the original loan debtor is rated at least 6, and in respect of the suretyship or bank guarantee stipulated by the insurer as a condition of limit validity for the given debtor, the surety/guarantor is rated at least 5. The extent of the discount in the case of a bank guarantee is 50%, and in the case of a suretyship from some company, it is 20%. In the case of a partial suretyship undertaking, a “Double non-payment” discount may only be granted off the fee charged for the part covered by the suretyship. The double non-payment discount cannot be used in cases where the insurer only bears the original loan-debtor risk and the suretyship or guarantee associated with the debtor is not stipulated by the Insurer as a condition of validity of the limit.

Related to Double non-payment

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