Hong Kong owes much of its success to the flexibility and agility of the small and medium enterprises (SMEs) which make up most of the firms in the services sector. SMEs in general however are lack of manpower. Whilst devoting their main energy towards new business acquisition, they tend to overlook the risks inherent.

ECIC understands your concern and has tailor-made for you the Small and Medium Enterprises Policy (SMEP). To meet your specific needs, the SMEP has been designed to save you from tedious paperwork and yet offer you a comprehensive protection over your accounts receivable.

l Major Benefits l Scope of Cover l Risks Covered l Indemnity l
l Premium Rates l Confidentiality l Application Procedure l

 

 

Easy to administer

 

Percentage of Indemnity as high as 90%

 

Collateral for Discounting Export Bills

 

Credit Management Services

 

Sharing up to 90% of Expenses for Pursuing Debts

 

The SMEP covers both your domestic exports and re-exports from Hong Kong or from the following countries or areas:

 

All shipments made under contracts concluded on payment terms of Documents Against Payment (DP), Documents Against Acceptance (DA) and Open Account (OA) are covered.

 

Risks covered can be classified as buyer risks and country risks.

 

Insolvency and bankruptcy

 

Default in payment

 

Failure or refusal to take delivery of goods

 

Blockage or delay in foreign exchange remittance

 

Cancellation of import licences

 

Import bans

 

Payment moratorium

 

War, revolution, riot and natural disaster

 

For all events of loss, the maximum percentage of indemnity is 90%.

 

For insolvency or bankruptcy of the buyer, claims are settled as soon as all relevant documents are submitted.

 

Where the buyer fails to pay for goods he has taken delivery of, claims are settled 4 months from the due date of payment.

 

Where the buyer fails or refuses to take delivery of the goods, claims are settled immediately after the resale of goods.

 

For any other event of loss, claims are settled 4 months after the occurrence of the event.

 

The annual premium is calculated on the basis of the volume of insurable business, the number of insurable buyers, the spread of risks, the destination and the terms of payment. You can pay either in one up front sum for you will receive a discount or by quarterly instalments.

 

All information provided to ECIC will be kept strictly confidential. ECIC staff are required to take an oath of secrecy as provided under Section 31 of the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115).

 

You only need to telephone at 2732 9988 or complete the policy application form.