Changes to our credit insurance

In this second phase of EDC’s credit insurance evolution, we are transitioning all remaining policyholders onto our new digital platform.

In advance of the transition, you will receive an email from a member of the EDC broker team with a timeline detailing when each of your customers will begin their transition.

Key dates:

Early 2019 – The digital platform will be ready to accept applications for new customers who require both export and domestic sales insurance coverage. 

Mid-to-late 2019 – This marks the beginning of the 12-month transition period. Existing policyholders will start to move onto the new digital platform in monthly batches, determined by their current policy’s anniversary date. Starting in 2019, we will contact you monthly to indicate the specific dates of your customers’ transitions.

1. New Policies

With the launch of our new platform, we have renamed and refreshed policy documentation. 

There are now two policy types. Each type comes in an Export and a Domestic version:

• Receivables Policy (replaces our old Shipments Policy): covers unpaid receivables generated by the sale of goods and services. For more information, view the Export and Domestic General Terms and Conditions (GT&C).
• Cost and Receivables Policy (replaces our old Contracts Policy): covers unpaid receivables generated by the sale of goods and services, and any costs incurred by the policyholder in the event of contract termination prior to completion. For more information, view the Export and Domestic General Terms and Conditions (GT&C).

Review the GT&C documents to understand the new policies. To learn how the new policies differ from our existing policies, view the policy Coverage changes.

Two policies 

Instead of a joint policy for your customer’s export and domestic sales, you will now manage two policies on their behalf:

• One policy to insure your customer’s sales outside of Canada (export)
• And another policy to insure your customer’s sales within Canada (domestic)

Domestic policies are issued by Coface and cover sales to Canadian buyers. To understand how domestic policies differ from the export policies, view the Domestic features document.

2. New Coverage Terms

To offer flexible and competitive coverage, we’re introducing new premium options and declaration requirements to better meet the needs of your customers. These will be determined by each customer’s anticipated annual insurable domestic and export sales. Read our Coverage Terms Matrix to learn more.

3. New Digital Platform

Our new Portfolio Credit Insurance policies are supported by EDC’s digital platform. You can now access your customer’s information quickly and request changes. 

To better understand how your customers will be affected by the transition, along with your role in each step of the process, take a look at our customer journey timeline below.

To help you understand the changes to our credit insurance offerings and facilitate the transition process for you and your customers, the following resources and reference documents are available for you to consult at any time.

Differences between Old and New policies

There are several changes made to our credit insurance policies as part of this transition, and key differences are outlined here.

Differences between Export and Domestic Policies

This summary outlines key distinctions between export policies insured by EDC, and domestic policies insured by COFACE.

Changes to the Portfolio Credit Insurance Export Policy

This document outlines the main changes made to the new export policy templates to coincide with the launch of the new domestic policies.

Loss Mitigation and Claims Timeline

Our claims process and timelines have changed. Please use this sample timeline to familiarize yourself with the new milestone dates that are now part of the new claims process. 

Offline Application Form

Your customers will be asked to complete an online application as part of the transition process. Should they require assistance, this offline copy of the form (Application for Coverage Under New Export and Domestic Credit Insurance Policies) can be used to help you guide them through the application.

EDC’s Customer Care team

EDC’s Customer Care team can help you and your customers with any credit insurance-related questions or queries around the transition process.

The team is a central point of contact for you and your customers, if you require help with policy administration, declaration, payments, credit approvals, claims or system access. Customer Care works with EDC experts, like underwriters, to ensure your questions are answered simply and quickly.

EDC Customer Care can be reached weekdays 7:00 am – 8:00 pm, EST at support@edc.ca or 1-866-716-7201