HKECIC’s New Enhanced Measures to Support Hong Kong Exporters
Hong Kong Export Credit Insurance Corporation (HKECIC) today announces the launch of a new round of enhanced measures to support Hong Kong exporters, in particular SMEs, in view of the COVID-19 outbreak, which has disrupted the supply chain and business activities, putting high pressure on the already difficult operating environment. With these new measures, it is hoped that Hong Kong exporters can overcome this difficult time and would be able to explore export trade markets with more confidence.
These new enhanced measures aim at helping HKECIC policyholders to reduce risks and alleviate their financial burden, and will be effective for one year until 31 March 2021, covering policies effective as from 1 April 2020. The details are as follows:
1. For holders of Small Business Policy (SBP)*
- Free pre-shipment cover in all HKECIC insured markets for buyers approved for such cover. Claims payment will be made according to the terms and conditions of the Policy if the insured buyer cancels the binding and valid contract or becomes insolvent before shipment, provided that the policyholder has fulfilled its obligations under the contract and has complied with the terms and conditions of the Policy.
- A 20% uplift in all valid credit limit(s) for all HKECIC insured markets, up to a maximum of $5 million.
- Extension of premium payment due date for one month.
- Premium discount for each SBP holder increased from 30% to 50%.
2. For all policyholders
- Waiver of Annual Policy Fee.
- Granting across the board payment term of 120 days.
- Waiver of additional premium for extended / new payment term.
- Expediting claims settlement process involving amount up to $1,000,000. Claims payment will be made within 5 days upon receipt of relevant documents.
- Simplifying procedures and exercising flexibility in processing claims cases of payment difficulty.
- Providing policyholders 10 additional free credit check facility.
* Hong Kong exporter with annual sales turnover below HK$50 million is eligible to apply
For enquiries, please contact hotline at 2732 9933 or visit website www.hkecic.com.
Posted on 2020/05/14