EDC — Credit Insurance
At a glance
- No Condition
- Open Date : November 14, 2019
- All industries
- Export Development Canada
- Government of Canada
Overview
Eligibility criteria
Short-term credit insurance is ideal for new or occasional exporters who are exploring new markets and relationships with a few customers. It offers fast and simple coverage exclusively online for transactions up to $500,000.
- You're a new or occasional exporter
- You're exploring new markets and relationships with a few customers
- You need fast and simple coverage exclusively online
- You need to insure transactions up to $500,000
Who is eligible
Companies that can apply for this grant are exporters. The grant offers two types of credit insurance: 1. Select Credit Insurance: Ideal for new or occasional exporters who need short-term coverage and want to insure transactions up to $500,000. 2. Portfolio Credit Insurance: Designed for active exporters with consistent sales who want ongoing coverage and the ability to insure an unlimited number of customers.
Evaluation & selection criteria
Short-term and portfolio credit insurance have different evaluation and selection criteria. Short-term coverage is ideal for new or occasional exporters with transactions up to $500,000, while portfolio credit insurance suits active exporters with consistent sales and the need for ongoing coverage.
- New or occasional exporter
- Transactions up to $500,000
- Exploring new markets
- Few customers
- Fast and simple coverage online
- Active exporter with consistent sales
- Insure an unlimited number of customers
- Flexible coverage with more policy options
- Cover pre-shipment costs in case of contract cancellation
How to apply
Step 1:
- Explore the available credit insurance options: Select either Short-term Credit Insurance or Portfolio Credit Insurance based on your exporting needs
Step 2:
- Click on "Apply now" for the selected insurance option
Portfolio Credit Insurance
Understanding Portfolio Credit Insurance
Portfolio Credit Insurance provides ongoing coverage for active exporters. This type of insurance is ideal for businesses with consistent sales that want to insure an unlimited number of customers. It offers flexible coverage with various policy options and can cover pre-shipment costs in case of contract cancellation.
With Portfolio Credit Insurance, exporters can safeguard their transactions and mitigate the risks associated with exporting goods and services. This comprehensive coverage ensures that businesses can continue their operations smoothly, even in uncertain market conditions, providing peace of mind and financial security.
By opting for Portfolio Credit Insurance, exporters can focus on expanding their businesses and exploring new opportunities without worrying about potential credit risks. This type of insurance serves as a valuable asset for businesses looking to build long-term relationships with customers and navigate the complexities of international trade.
Whether you are a seasoned exporter or just starting in the global market, Portfolio Credit Insurance offers tailored solutions to fit your specific needs. By securing this insurance, exporters can enhance their competitiveness, protect their cash flow, and maintain a reliable financial foundation for sustained growth and success.
Overall, Portfolio Credit Insurance empowers exporters to pursue their business goals with confidence, knowing that their transactions are safeguarded against potential credit losses. This insurance not only provides financial protection but also unlocks opportunities for businesses to thrive and flourish in the competitive world of international trade.
