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Frequently Asked Questions

Q1

Question

What is a credit limit?

Credit Limits

Q1

Answer

The maximum amount of loss HKECIC may be liable for in respect of a buyer/ client during the specified period.

Q2

Question

What amount should I ask for when I apply for a credit limit?

Credit Limits

Q2

Answer

Normally, it reflects more or less the maximum amount owed or likely to be owed by your buyer/ client concerned at any one time instead of the total amount of orders in hand. The minimum applied amount is ...

Q3

Question

How long does it take for a credit limit to be approved?

Credit Limits

Q3

Answer

HKECIC may already have adequate information on the buyer/ client concerned, in which case a credit limit can normally be approved within three or four days. In some cases, if further information is needed, it may take a longer time...

Q4

Question

Will I be covered if I make the shipment/render the service before the effective date of the credit limit?

Credit Limits

Q4

Answer

No. The shipment must be made/ service must be rendered within the effective period of the credit limit.

Q5

Question

Can HKECIC disclose the reasons for restricting or refusing cover on my buyer/ client?

Credit Limits

Q5

Answer

As HKECIC has given undertakings to our providers of credit reports that HKECIC will not disclose the contents of their reports to any other party, it is not possible for HKECIC to advise you of the specific details...

Q6

Question

Can I disclose the credit limit issued by HKECIC to the buyer/ client?

Credit Limits

Q6

Answer

No. There is a requirement under the Policy that the details of the Policy, which include but not limited to discussions, information and correspondence in connection with the credit limit must not be disclosed to...

Q7

Question

Can I get refund of the premium paid if I have not shipped the goods/ rendered any services?

Credit Limits

Q7

Answer

No. Any premium paid is not refundable.

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