Appalachian Lumbermen
Appalachian Lumbermen Learn Benefits Of Credit Insurance Hickory, N.C. – Members of the Appalachian Lumbermen’s Club learned about the benefits of credit insurance at its recent meeting. Dean Bagwell, agent with Coface North America in Charlotte, N.C., told the group that credit insurance policies cover domestic and export accounts receivable against bad debt allowing companies to give more credit to more customers. More credit means more sales, he said, and it ensures that your company will be paid for merchandise or services delivered to your customer. Coface tracks 50 million companies in over 200 countries, making nearly 8,000 credit decisions per day. Exact coverage will depend on the specific terms of the policy, Bagwell said. Credit insurance can play three significant roles for your company, he explained: •Safeguard company assets. Credit insurance protects against a devastating loss to an unprotected asset - accounts receivable. BY TOM INMAN Karl Schmertzler, Yoder Lumber Co., Lenoir, N.C.; Len Barker, Elof Hansson Inc., Sugar Hill, Ga.; and David McLean, Bruce & Jenkins Lumber, Greensboro, N.C. • Support sales goals. With credit insurance sales staff are free to expand into new and unfamiliar markets much more comfortably. They may also be able to generate more sales by extending larger lines of credit than a company might normally offer. • Strengthen credit risk management controls. To ensure that companies are selling to creditworthy customers, Coface tracks 50 million companies around the world. Bagwell said each policy is tailored to the individual needs of the business, so coverage details will vary. In general, a company covers all or a majority of its business, and may choose to cover export, domestic or both types of accounts. Bagwell explained that policyholders are eligible to file a claim when a customer is insolvent or unable to pay the outstanding balance owed. Since Coface is a global company, it offers coverage for sales of subsidiaries or sister companies in other countries, as well as provide local features such as risk monitoring and collection services. Coface reaches into other countries with its Globalliance program which has modular, multi-country policies through the Coface international network. Bagwell said the plans have standard wording and are adapted to local laws. Approximately 70 members attended the meeting at the Crown Plaza here. The next meeting of the Appalachian Lumbermen’s Club is March 13 in Pinehurst, N.C. For more information, visit www.lumberclub.org. 24 Hardwoods Have Versatility
Cliff McKittrick, J.W. McKittrick Lumber Co., Camden, S.C.; Brad Merry, Merry Lumber Co. LLC, Augusta, Ga.; and Larry Walker, Forest Products Inc., Conover, N.C. Tony Honeycutt, Mullican Flooring, Johnson City, Tenn.; Jerry Vaughn, Emmet Vaughn Lumber Co. Inc., Knoxville, Tenn.; and Wayne Law, New River Hardwoods Inc., Beckley, W.Va. Eddie Phillips, New River Hardwoods Inc., Mountain City, Tenn.; Tom Hayes, Roanoke Forest Products Co., Roanoke, Va.; and Len Barker, Elof Hansson Inc., Sugar Hill, Ga. Wendell Sugg, Oaks Unlimited Inc., Waynesville, N.C.; Sylvia Church, Select Hardwoods, Millers Creek, N.C.; and Joe Lyle, WNC Dry Kilns, Marion, N.C. Fred Hardin, Gilkey Lumber Co., Gilkey, N.C.; Stuart Deacon, W.R. Deacon & Sons Timber Inc., Lexington, Va.; and Bradley Stovall, Stanley Furniture Co., Robbinsville, N.C. Brett Eller, Shaw Industries, Stuart, Va.; Tommy Stepp, Cronland Lumber Co., Lincolnton, N.C.; and Jim Woodbury, DLH Nordisk, Greensboro, N.C. Dan Kay, Forest Products Inc., Conover, N.C.; Rodney Lawing, Conover Lumber Co., Conover, N.C.; and Dean Bagwell, Coface-North America, Charlotte, N.C. Joe Pryor, Oaks Unlimited Inc., Waynesville, N.C.; Lanny Vessell, Horizon Forest Products LP, Greenville, S.C.; and Wendell Sugg, Oaks Unlimited Inc. Additional photos on page 37 MARCH/2012 25
