Frequently Asked Questions
Q1
Question
What is a credit limit?
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?
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?
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?
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?
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?
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?