Score of 92.4/100 qualifies for PaymentCheck Certification
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2025 - 30 Jun 2025 | 25 Jul 2025 | 15 | 88% | 8% | 4% | 12% |
| 01 Jul 2024 - 31 Dec 2024 | 29 Jan 2025 | 14 | 91% | 7% | 2% | 21% |
| 01 Jan 2024 - 30 Jun 2024 | 30 Jul 2024 | 21 | 75% | 14% | 12% | 21% |
| 01 Jul 2023 - 31 Dec 2023 | 25 Jan 2024 | 14 | 80% | 12% | 8% | 20% |
| 01 Jul 2022 - 31 Dec 2022 | 26 Jan 2023 | 19 | 78% | 11% | 11% | 23% |
| 01 Jan 2021 - 30 Jun 2021 | 29 Jul 2021 | 19 | 80% | 9% | 11% | 16% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 17 | 84% | 9% | 7% | 13% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard contractual terms for goods and services is 30 days.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
N/A
Maximum contractual payment period agreed
60
Disputed invoices are rare. If a dispute on an invoice does occur, no payment will be made until the issue is resolved. Resolution is typically completed within a short timeframe provided the supplier responds in a timely manner to the query raised by the business. The business spend is approved by authorised and knowledgeable individuals who are best suited to resolve any possible disputes. There is also continuous internal monitoring of unprocessed and outstanding invoices to ensure no items age significantly.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
PEN UNDERWRITING LIMITED is a UK-based insurance company that offers a range of underwriting services for various types of insurance, including property, casualty, and liability. The company is committed to sustainability and has implemented several initiatives to reduce their environmental impact and promote responsible business practices.
Their sustainability program includes measures such as paperless operations, recycling, and energy-efficient practices. They also support various charities and community projects through their corporate social responsibility efforts.
PEN UNDERWRITING LIMITED offers a variety of products and services, including risk assessment, policy management, and claims handling. They work with brokers and agents to provide tailored insurance solutions for their clients. The company also offers training and development programs for brokers to improve their knowledge and skills.
The key people at PEN UNDERWRITING LIMITED include managing director Nick Wright and underwriting director Neil McMillan. They have a team of experienced underwriters and support staff who are dedicated to providing excellent customer service and expert risk management solutions.
Contact information for PEN UNDERWRITING LIMITED can be found on their website: www.penunderwriting.co.uk. Their registered office address is 20 Gracechurch Street, London, EC3V 0BG, United Kingdom.
In summary, PEN UNDERWRITING LIMITED is a reputable insurance company in the UK with a strong focus on sustainability and responsible business practices. They offer a range of underwriting services and products and have a team of experienced professionals dedicated to providing excellent customer service. Their commitment to sustainability and community involvement sets them apart from other insurance companies in the market.