Frequently Asked Questions
Q1
Question
When should I report likely loss?
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?
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?
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?
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?
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?
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...