Why Choose OMBP?
- Revolving credit limit in 90 days
- 10 free credit limit applications
- No policy fee
- 24-hour online platform
- E-mail and SMS notification
- One premium payment for 90-day cover
- Fixed premium rate
- No paper sign off
- Applicable to both export of goods and services
- Selective cover for specific buyers/ clients
Who is eligible?
OMBP is available exclusively online
and for Hong Kong exporters with
annual sales turnover
of less than
HK$ 20,000,000
and for Hong Kong exporters with
annual sales turnover
of less than
HK$ 20,000,000
(Policyholder must provide sales turnover proof to HKECIC upon request)
Risks Covered
- the insolvency of the buyer/client
- the failure of the buyer/client to pay for goods accepted by it/ services rendered to it
which occurs after shipment/services rendered
Scope of Cover
- Written contract of sale/ service contract between you and overseas buyers/clients
- Payment terms under
- cash against documents (CAD)
- cash on delivery (COD)
- documents against payment (DP)
- documents against acceptance (DA)
- open account (OA)
90-day Credit Limit
- Credit limit of HK$100,000 to HK$500,000
- Cover on selected countries/ markets
- Credit limit takes effect immediately upon online payment*
*The credit limit is automatically cancelled without further notice on the day when there is any amount which remains unpaid by the buyer/ client for more than 30 days from the due date or the buyer/ client becomes insolvent.
Protection
- Indemnity ratio is 90%
- In general, claims are paid for*:
- insolvency of the buyer/ client, as soon as practicable
- failure of the buyer/ client to pay for the goods accepted by it/ services rendered to it, 4 months from the due date of payment
- The maximum liability shall not exceed HK$2,500,000**
*Assume that adequate information has been provided as required by HKECIC.
**The total claim payments made by HKECIC under this Policy shall not exceed the maximum liability specified in the Schedule for each 12 month period, commencing on the effective date of the first credit limit issued under the Policy.
