Ease into foreign markets
You’ve found a new foreign customer and signed a single contract. It’s a big step, but it doesn’t have to be a daunting one. CFI is a credit insurance solution that lets you get your feet wet in foreign markets, without feeling like you’re struggling to stay afloat.
Protect a single contract with multi-faceted coverage
CFI insures you for up to 90 per cent of your eligible losses resulting from political and commercial risks, so you can concentrate on running your business. CFI protects you from:
Your customer’s bankruptcy or default. Trying to get a reluctant or insolvent customer to pay can be a time-consuming and expensive experience. With CFI coverage, you can receive up to 90 per cent of your owed receivables, and we can take over debt collection.
Contract cancellation. You have work in progress and your international customer cancels the contract leaving you with customized goods that cannot be easily re-sold. With CFI, you are covered for 90 per cent of the contract value, including any production still in inventory at the time the contract was cancelled.
Payment delays caused by blocked funds or transfer difficulties. When foreign governments block or delay the transfer of funds out of their country, CFI protects you for your losses, and saves you the headache and expense that these delays can cause.
Hostilities in a customer’s country. CFI gives you the peace of mind to pursue opportunities in foreign markets that may be subject to political unrest.
Cancellation of export or import permits. In the event that the Government of Canada cancels (or does renew) an export permit, or a foreign government cancels (or does not renew) an import permit, you will be protected.
- Moratorium on debt. CFI ensures you get paid when a foreign government no longer allows companies to pay debts outside of their country.
In evaluating applications, we consider several criteria—among them:
- the value of your exports and any other significant benefits to Canada;
- creditworthiness of your foreign customer;
- contractual terms;
- the conditions and economic outlook in your customer’s country; and
- export capabilities.
Pricing is based on a number of factors including policy liability, length of policy, payment terms, buyer risks and other contract-specific risk factors.
As a customer, if you encounter a collection problem, you can use this Debt Management Application Form (PDF) to report a debt, submit a claim, or engage a collection agency.