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Frequently Asked Questions

Q1

Question

When should I report likely loss?

Non-Payment and Claims

Q1

Answer

You must immediately inform HKECIC via EC-Reach if you become aware that your buyer/client is insolvent, or all amount which remain unpaid for more than 30 days from the due date.

Q2

Question

Will HKECIC share the costs incurred for pursuing overdue debts from the buyer/ client?

Non-Payment and Claims

Q2

Answer

Yes, given that you have obtained our prior written approval, HKECIC will reimburse you up to 90% of the unrecovered legal costs or charges incurred solely for the purpose of preventing or minimising losses. However...

Q3

Question

When will I get the claim payment?

Non-Payment and Claims

Q3

Answer

Generally speaking, claim payment to be made as follows assuming that adequate information has been provided as required by HKECIC and the terms and conditions of the Policy having been complied with...

Q4

Question

How will HKECIC handle my claim if the buyer/client raises dispute?

Non-Payment and Claims

Q4

Answer

HKECIC will consider your claim after you have obtained a final judgement enforceable against the buyer/client in the buyer’s/client’s country or such dispute has been resolved in such other manners approved by HKECIC.

Q5

Question

How much will I get for the claim payment?

Non-Payment and Claims

Q5

Answer

If your amount of loss does not exceed your credit limit, HKECIC will compensate you the amount of loss multiplied by the percentage of indemnity...

Q6

Question

How shall I allocate the payment received after the cancellation or expiry of the credit limit?

Non-Payment and Claims

Q6

Answer

Unless otherwise agreed by HKECIC, any payment, whether or not relating to the insurable contracts, received after cancellation or expiry of the credit limit...

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ec-reach@hkecic.com

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