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Payment & invoices
For most integration types, you will be responsible for collecting the gross premiums (i.e., what customers pay for product protection) from your customers. In that case, you will also be responsible for refunding customers in case of returns or revocations.
Always make sure that you do not charge VAT on any protection plans!
We recommend that you post the gross premiums to a sub-account or a separate clearing account. On a monthly basis, we will provide you with a report on the successfully issued insurance policies. You will be required to transfer the collected gross premiums to Hakuna. We will then transfer your full commission back to you, including what was earned on any premiums collected by Hakuna.
If you transfer a gross insurance premium to us and the protection is later revoked (accepted up to 14 days post-fulfillment), you are still responsible for refunding the customer. We will adjust the reporting and invoicing accordingly in the following month.
Hakuna product protection is exempt from VAT since the gross premiums include the required insurance premium tax (19% in Germany).
If you want to include product protection on your invoices, simply list the gross price and then add the following disclaimer (either under each product protection item or once at the bottom of the invoice):
"The insurance is sold on behalf of and for the account of the insurance company specified in the General Insurance Conditions and includes X% IPT."
"Die Versicherung wird im Namen und für Rechnung des in den AVB genannten Versicherungsunternehmens verkauft und enthält X% VersSt."
If you are unable to add this disclaimer to your invoices, you should refrain from listing product protection on them.