Cover on Export of Services
Services are increasing tradable internationally. To keep up the momentum of growth, Hong Kong also needs to promote and support the export of services in order to enhance its position as an international commercial and financial centre.
ECIC provides comprehensive protection to the Hong Kong service sectors when rendering services to overseas clients on credit terms. We have revamped our cover on export of services. Tailor-made policies will now be available to cater for the unique requirements of your service industry. Cover usually starts on the date of rendering services.
- Percentage of Indemnity as high as 90%
- Credit Risk Assessment
- Collateral for Financing
- Sharing up to 90% of Your Expenses for Pursuing Debts
Scope of Cover
The service policy covers your credit risks when you render services to overseas clients. All service contracts involving credit up to 180 days are covered.
Services covered include:
Comprehensive Services Policy
- The Comprehensive Services Policy (SSP) is a Policy designed for Hong Kong companies providing services to overseas clients.
Freight Forwarding Services
- The Freight Forwarding Services Policy (FFSP) is a Policy designed for Hong Kong freight forwarding companies. The Policy provides cover for your freight forwarding and related services.
- The Aircraft Services Policy (ASP) is a Policy designed for Hong Kong aircraft engine overhauling providers. The Policy provides cover for your aircraft maintenance services.
Testing and Inspection Services
- The Testing Inspection Services Policy (TISP) is a Policy designed for Hong Kong testing and inspection companies. The Policy provides cover for your testing and inspection services.
Construction Professional Services
- The Construction Professional Services Policy (CPSP) is a Policy designed for Hong Kong construction professional service providers. The Policy provides cover for your construction design and project management services.
Travel Agent Services
- The Travel Agent Services Policy (TASP) is a Policy designed for Hong Kong travel agents. The Policy provides cover for your travel agent and other related services.
- The Advertising Services Policy (ASSP) is a Policy designed for Hong Kong advertising companies. The Policy provides cover for your advertising activities.
- The Specific Management Services Policy (SMSP) is a Policy designed for Hong Kong management companies. The Policy provides cover for your management or consultation services.
Risks covered can be classified as commercial risks and country risks.
- Insolvency and bankruptcy
- Default in payment
- Blockage or delay in foreign exchange remittance
- Payment moratorium
- War, revolution, riot and natural disaster
- For all events of loss, the maximum percentage of indemnity is 90%.
- For insolvency or bankruptcy of the client, claims are settled as soon as all relevant documents are submitted.
- Where the client fails to pay for services rendered, claims are settled 4 months from the due date of payment.
- For any other event of loss, claims are settled 4 months after the occurrence of the event.
Premium rates are calculated on the basis of the volume of insurable business, the spread of risks, the client’s country and the terms of payment. In general, the riskier the client’s country and the longer the credit periods, the higher the premium rates.
All information provided to the Corporation will be kept strictly confidential. ECIC staff is required to take an oath of secrecy as provided under Section 31 of the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115). The Corporation is a “public body” under the Prevention of Bribery Ordinance. Staff members are not permitted to accept any advantage from customers. Anybody offering any advantage to the staff for any assistance in their capacity as public servants under the Ordinance commits an offence.
For enquiries and application,procedures, please contact us at 2732 9988.