Zurich in North America is now offering its customers in the construction business a new collateral approach to help ease the strain of credit in the current market. Zurich says the new collateral alternatives also expands choices beyond the typical letter of credit, and is easier to use and quicker to execute.
Called “eZ Trust” and “eZ CD”, these new products are less expensive for customers because Zurich has negotiated contractual terms and lower fees with Zurich-selected banks.
Zurich’s new collateral alternatives include:
eZ Trust – A collateral instrument with no initial set-up fees, discounted annual fees negotiated by Zurich and a trust template that doesn’t need to be negotiated. This arrangement is easier, faster and less costly than a standard trust and, in today’s economic environment, typically much less costly than a letter of credit.
eZ CD – A fully FDIC-insured security that is purchased in Zurich’s name, with the amount of interest earned by the CD and paid by Zurich to the customer.
Minimum funding for these two available alternatives is $500,000.
Source: Zurich,
www.zurichna.com
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