Who is eligible to sign up?
The SecureSellAg Program is available to the following individuals, organizations and groups:
- Individual Farmer/Producers
- Commodity Organization members
- Members of Farmer Organizations
- Commodity brokers (does not take title)
- Commodity dealers (takes title; for own account)
- Processors (takes title; for own account)
- Contract Processors (does not take title)
- Grain companies (takes title; for own account)
- Food processing organizations
- Farm input organizations
- Agricultural related Co-ops
What can be insured?
The following categories of agricultural products and related products can be insured under the Program:
- All agricultural commodities
- Processed food products
- Farm inputs (fertilizer, fuel, chemicals)
If you have something you wish to insure against credit loss, but do not think it fits into the categories above, please contact us for further information. If it’s Ag, we want to insure you!
- The United States
- Most of Asia
- Many other parts of the world
Please contact us with any questions about the availability of the Program for sales to any country or region. Some countries cannot be covered.
You must register for the Program. Signing up is easy and free.
Once you have signed up via the online Registration Form, you will be provided with credentials to access your account online. You will be provided with a copy of the Member Agreement, the Member Handbook along with other important documentation. You will need to agree to the terms of the Member Agreement, and you should thoroughly become acquainted with the Member Handbook.
Once confirmed by the Program, you’re ready to go.
Sign up early – there’s no cost and you may have questions. Don’t delay!
Once you have signed up and received your credentials, you are ready to initiate your first transaction. Here’s the process:
- Fill out an online Transaction Form
- On your first transaction, and only your first transaction, you will be provided with a copy of the Trust document (the “Trust”) and a copy of the credit insurance policy (“CIP”) for your permanent records. These will appear in your account for easy access and no paperwork.
- Submit your Transaction Form electronically and online through your account.
- Pay the premium amount.- If the buyer is not approved for coverage, the Trust Transaction Fee deposit will be returned, minus the cost of the credit check.
NOTE: By submitting the Transaction Form and payment of the Deposit, you are agreeing to pay the full cost of the coverage for the transaction submitted if approved.
Once the Transaction Form has been submitted and premium paid, action on the Buyer by the insurer will begin. The insurer will determine if the buyer is approved for insurance coverage or not.
If approved, the Trust will notify you immediately and you will receive a Certificate of Coverage from the Trust. Only by paying all Program Fees and receipt of the Certificate of Coverage do you know the transaction is approved and covered.
APPROVAL CAN NEVER BE ORAL; IT MUST BE IN WRITING IN ACCORDANCE WITH THE PROCEDURES OUTLINED HEREIN. THE TRUST CANNOT BE BOUND BY ANY METHOD OTHER THAN IN WRITING AND ACCORDING TO THE TERMS OF THIS PROCEDURE.
ONLY WHEN YOU RECEIVE A CERTIFICATE OF COVERAGE ARE YOU CONFIRMED FOR COVERAGE AND YOU MAY THEN SHIP.
Your Fees and Pricing
- Standard pricing, 75 basis points rate (.0075 times invoice value)
- Member Organizations may be entitled to volume and other discounts
Once the Trust is informed by the insurer of the availability of coverage for your transaction and Buyer, you will be issued a Certificate of Coverage by the Trust.
All Program Fees must be paid in full and in advance in order to receive a Certificate of Coverage.
ONLY THEN ARE YOU COVERED UNDER THE POGRAM AND FREE TO SHIP ON AN INSURED BASIS.
Upon receipt of the Certificate of Coverage, you are now free to ship your goods on an insured basis.
Once you have shipped your goods to the Buyer, you must report the date of shipment from which we derive the estimated due date of payment, the past due date and the Claims reporting period. You must report when payment is received, or if payment has not been received by the due date. You must inform us within 7 days of either event from the due date. Reminder emails will be sent out on appropriate time intervals.
REMEMBER: Failure to report events when required will slow down the process and requires additional work to follow up with you. There is no penalty associated with reporting, but in extreme cases of failure to report, you may jeopardize your Claim if your Buyer does not eventually pay you.
If your Buyer needs a little more time to pay, please contact us to arrange an extension of payment for up to 30 days. The insurer must give its permission.
What triggers a Claim?
There are two “triggers” under the CIP in order to file a Claim.
- Bankruptcy or Insolvency. Your Buyer files for bankruptcy or the equivalent under the laws of its jurisdiction. You must cease making shipments to your Buyer and report the bankruptcy to the Trust immediately. The Trust will then file a Claim using appropriate Claims Form and procedures.
- Slow pay. In the event that your Buyer has not paid you, or simply refuses to pay you, you may file a Claim 90 days after the due date.
Filing a Claim
Once either “trigger event” occurs, the Trust will gather all required information from you, and then file the Claim. You must not jeopardize the Claim, or the insurer’s rights under the CIP, by negotiating with the Buyer separately.