ARCH INSURANCE (UK) LIMITED
Company number: 04977362
Reporting period:
1 July 2020
to 31 December 2020
This report was filed on 29 January 2021
and approved by Jason Kittinger
Payment statistics
Average time taken to pay invoices: 12 days
Invoices paid:
- within 30 days: 97%
- in 31 to 60 days: 3%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 5 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Generally, our payment terms are 30 days. However, we do agree shorter terms with some suppliers (i.e. recruitment based invoices).
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Any payment based complaint will initially be handled by the Accounts Payable team and communicated with the supplier within 3-5 days. However, any escalation of this would then involve a member of the senior management team (i.e. CFO).
Any final resolution would expect to take place within 10-14 days
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No