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Single Buyer Insurance
Page Content If you’d like to test the waters with a new customer, a Single Buyer Insurance is the ideal solution as it is flexible and affordable, and insures unlimited export sales to the same foreign customer over 180 days. |
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When your bank knows that you’ll get paid for a foreign contract - even if your buyer defaults - it may have more confidence to provide you with increased funds or forego the usual requirements for collateral.
Grow your business with confidence
Single Buyer Insurance can be used to pursue a new customer, provide favourable payment terms to your customer, promote your business in new markets and keep your operations running smoothly.
Protect your sales With this insurance, you’re covered for up to 90 per cent of your losses resulting from non-payment due to a wide range of risks, such as:
A customer’s bankruptcy or default on payment. Trying to get a reluctant or insolvent customer to pay can be a time-consuming and expensive experience. With Single Buyer Insurance, you can recover up to 90 per cent of your losses, and we can take over debt collection. - Payment delays caused by blocked funds or transfer difficulties. Foreign governments may block or delay the transfer of funds out of their country, which can put your business in a tight financial spot. This insurance policy protects you for these losses and saves you the headaches and expenses that these delays can cause.
- Hostilities in a customer’s country. Single Buyer Insurance gives you the peace of mind to pursue opportunities in foreign markets that may be subject to political unrest or conflicts.
- Cancellation or non-renewal of export or import permits. In the event that the Government of Canada prevents your company from shipping goods by cancelling or not renewing an export permit, or if a foreign government prevents a buyer from accepting goods by cancelling or not renewing an import permit, you will be protected.
Making a claim is fast and easy
Most export transactions go smoothly, but when something does go wrong, you’ll be glad you have Single Buyer Insurance. We try to make the experience of making a claim quick and painless.
As a customer, if you encounter a collection problem, you can use this Debt Management Application Form (PDF Format) to report a debt, submit a claim, or engage a collection agency. QualificationIn order to qualify you must be a Canadian company and your goods must be shipped from Canada. If you are providing a service, you must be based in Canada. Cost
A one-time premium, payable up front, is calculated based on the amount of coverage you need and on buyer risk.
Important Information
The above information describes, in general, EDC services and is not a commitment to provide them. Only the documentation supplied by EDC, in connection with any transaction, provides the full detail and terms and conditions.
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Protect your assets. Uncover the opportunities.
Get coverage against a range of risks resulting from unpredictable events that could threaten your overseas investment.
Political Risk Insurance Manage your policy on EDC Direct
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