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Balance notification

How do I determine and declare insured outstanding receivables?

You have agreed a balance-based premium with us if the premium rate under point 1 of the Special Terms in your policy is endorsed with the phrase “outstanding insured receivables from insured customers”. If this is the case, you should declare the month-end balance of outstanding receivables from insured customers to us by the 20th of the following month.

These “balance declarations” should be submitted on the form entitled “Information for premium calculation – Outstanding receivables”.

Link to balance declaration form

Please complete the six sections of this balance declaration form as follows:

1            Insurance details

Insurance Policy Number

Insured

Reference date

This information is usually pre-filled by us. Please check it.

2            Currency

All information to be provided in

Please tick the currency in which you are declaring you turnover. This should be the currency agreed in your policy.

3            Clients

Please provide us with details of your unpaid insured receivables with insured clients as of the reference date to enable us to perform the premium calculation.

Switzerland/Liechtenstein

Export

Switzerland/Liechtenstein

Export

Switzerland/Liechtenstein

Export

Switzerland/Liechtenstein

Export

Here, please enter your outstanding balances from insured customers. You will need the following:

a. Summary list of customers insured by Euler Hermes

Watch out!

  • Please note that credit limits may have existed during the insurance year that were no longer needed later on or were cancelled. You should continue to report approved outstanding receivables in respect of a limit for as long as they exist. Any invoices you issue to your customers after the limit is cancelled are uninsured and therefore do not need to be reported.
  • Insured customers also include customers for whom Euler Hermes has not granted a credit limit, but who are insured by Euler Hermes under the self-check rule.
  • Want to know more about self-checking? 

Our EOLIS online portal can help you search for your credit limits and insured customers

b. Your outstanding receivables from insured customers at the reporting date

Use your accounting software to determine the amount of the outstanding receivables from insured customers at the reporting date. The relevant reporting date is stated in the Special Terms in your policy under point 1 "Premium" . It is usually the end of the month.

Please check separately for each insured customer whether the outstanding receivables exceed the credit limit that has been granted. Since insurance cover is only granted up to amount of the customer’s credit limit, the amount declared should not exceed the amount of the credit limit.

Example:

  • You wish to notify us on 10 February of the outstanding receivables from your insured customers in January. Your accounting system reports an outstanding receivable of CHF 1,000,000 from your customer Peter Ltd as at 31 January. However, the credit limit granted by Euler Hermes was only CHF 500,000 as at 31 January. In this case, you should declare CHF 500,000 in your balance declaration.
Watch out!

  • Any outstanding receivables with a negative sign, i.e. liabilities that may result from credit notes you have issued, should be ignored. Negative balances for individual customers should not be included in the balance declaration, because they do not reduce the risk of outstanding receivables from other customers. Each customer’s receivables should be considered individually. You are not allowed to offset negative balances against the rest of the outstanding receivables.

Please allocate your turnover data between the columns “Switzerland/Liechtenstein” and “Export” and between the categories a.) “Customers with cover limit set by Allianz Trade”, b.) “Self-check”, c.) “Production costs” and d.) “Advance payments”.

Dividing outstanding receivables between customers in Switzerland/Liechtenstein and customers abroad (outstanding receivables from exports of goods and services) is crucial for stamp duty purposes.

4            Value added tax

Value added tax is

All amounts

VAT is not usually insured. Therefore the turnover you declare under 3. “Customers”, should usually exclude VAT. Check your policy schedule to determine whether you have insurance cover for VAT.

5            Insured

I hereby confirm the completeness and accuracy of the information submitted and acknowledge that subsequent corrections are not permitted.

Please sign your declaration to confirm that the information you have provided is complete and accurate. The information you provide forms the basis for our premium invoices and affects the scope of your insurance cover.

Please return the signed form by the 20th calendar day of the following month.