Log-in to your EDC Select Credit Insurance account, then go to Manage My Policy, and under Policy Documents click on General Terms & Conditions.

 
With EDC Select Credit Insurance you pay one premium and can sell/render services multiple times to the same customer within the same coverage period.

Even if you ship the maximum value of goods covered under your policy or provide the maximum value of insured services, once your customer pays their balance owing, you can sell to the same customer again for no additional cost.

Example

On Jan 1st, you purchase insurance to cover $10,000 of sales to your customer with 90-day payment terms. You ship $10,000 worth of goods on Jan 1st. Your customer pays you within a month and wants to place another order. Because your limit is still active, and your customer has paid you in full you send a second shipment of $10,000.

 
Yes, you can apply to change the Credit Limit of any EDC Approval at any time by following these steps:

1.  Once you’ve logged in, navigate to your portfolio by clicking on View My Portfolio
2.  Select the customer you wish to modify the limit for and click on Apply for an increase
3.  Enter the new TOTAL credit limit you need for this customer (not just the increase amount)
4.  Click Next, and complete the remaining questions about the transaction, and accept the declaration
5.  If the limit is automatically approved, you can accept and pay.
6.  If not, we are usually able to make an EDC Approval Offer within three (3) business days of receiving your request. In cases where the information we have on the requested customer is not up to date; a credit report will be ordered and we will make every effort to contact you within three (3) business days to discuss the status of your request.

 
As long as you ship or provide your service within your coverage period (see above for more detail) we have got you covered.  Your customer’s payment due date can be outside the coverage period, and you can file a claim as early as 60 days and up to a maximum of 120 days after the due date of your invoice.

 
Claims can be filed when a customer is late with their payment for more than 60 days, or if they have filed for insolvency, a claim can be filed immediately. A claim must be submitted within 120 days of the due date.

Download our claims checklist to make sure you have the proper documentation in place and make your claim within the appropriate time limit.

There’s no limit to the number of U.S., or international customers who can be insured under your EDC Select Credit Insurance policy. EDC approvals are issued for amounts up to $500,000. If you require coverage in excess of this amount, contact us at 1-800-229-0575 for more information on the solutions available to meet your business needs. 

EDC Select Credit Insurance protects you against non-payment of amounts owed to you by your customers that have been approved by EDC.

Covered:

• Your customer defaults on payment
• Your customer declares bankruptcy
• Hostilities in a particular market that prevent your customer from paying
• Issues with currency conversion or transfer in your buyer’s country

Not covered:

• Your customer refuses to accept your goods
• Your customer terminates your contract before you ship
• The loss relates to goods shipped when your customer was already in default of its payment obligation
• You changed the payment terms set out in your contract

Yes, for a full list of exclusions for which EDC is not liable for payment of a claim, please see Section 7 of your Policy.

As this is an online service, we only accept payment by credit card for this product. Payment is required when you accept an EDC Approval Offer from us.

If you already have an insurance policy with us, there’s a chance you already have coverage in place for this customer. Contact your account manager to discuss whether or not EDC Select Credit Insurance is the right solution for your needs.

EDC values your privacy and trust and is committed to protecting confidential information that you share with us.

EDC is required to comply with various obligations and restrictions regarding the use and disclosure of information it receives on entities and individuals. These obligations and restrictions vary depending on the type of information collected. A summary of key types of information and applicable rules is set forth below:

Customer Information

Under Section 24.3 of the Export Development Act, EDC is prevented from disclosing information obtained in relation to its customers, unless (i) it has received written consent; or (ii) the disclosure falls within one of the specific circumstances outlined in paragraph (2) of Section 24.3.

Personal Information

EDC is committed to protecting personal information in accordance with Canada’s federal Privacy Act. For more information on how EDC safeguards your personal information, please refer to our Privacy Notice at www.edc.ca.

If you provide us with a Direction to Pay for your Policy, we will provide any claim payments directly to the Canadian bank specified in the Direction to Pay.

Requests to add your bank to your EDC Select Credit Insurance Policy can be submitted under the Manage My Policy tab.

No, monthly reporting of sales isn’t required with an EDC Select Credit Insurance policy. The one-time premium required for an EDC approval is payable at the time you accept the EDC approval offer from us.

You can set up an unlimited number of user profiles. Only administrators are able to add users to your Policy. An administrator account holds all rights and access to your Policy. Navigate to the Manage Users tab to review and set up new user profiles.

User profiles can’t be deleted. Only administrators can set users to an inactive “disabled” status.

To change a user’s access, navigate to the Manage Users tab. Select the appropriate contact to make the change.

Requests to change a feature of your EDC Select Credit Insurance Policy can be submitted under the Manage My Policy tab.

EDC is making digital platform updates to enhance the protection of your personal and business information through a two-factor authentication (2FA). This type of authentication sends a unique code to your email address, which, combined with your account password, verifies your identity.

There are a few places to look if you have not received the two-factor authentication email:

• Please check your spam and junk email folders to see if this is where the email landed.
• Try searching your entire email folder for a message from the sender “support@edc.ca”.
• If neither of the above suggestions locate the two-factor validation code email, your company’s VPN system / firewall may be blocking the message from arriving to your inbox.   Please work with your internal IT department to allow the message to arrive to your inbox.

If problems persist, your IT administrators can call us at 1-800-229-0575 or send an inquiry to resolve, as this may be a result of your organization’s firewall rules.

We’re usually able to make an EDC approval offer within three (3) business days of receiving your request. In cases where the information we have on the requested customer isn’t up to date; a credit report will be ordered and we’ll make every effort to contact you within three (3) business days to discuss the status of your request.

We may decline to make an offer on your customer for a variety of reasons. For example, we may decline to make an offer where the credit information we have on your customer isn’t sufficient to justify the amount of coverage being requested, or where we’ve reached our capacity for coverage of that customer.

No. To have coverage under your Policy, an EDC Approval must be in place prior to the shipment of any goods or providing any services.

You can renew your coverage 15 days in advance of the expiry date of your EDC Approval. A notification of the pending expiry of your EDC Approval will be sent to you prior to the expiry date. If you plan on renewing your coverage, we recommend you do so as early as possible to provide our underwriters enough time to review your request.

Yes, you can cancel an EDC Approval at any time. You will not have coverage under your Policy for any goods shipped or services rendered after the effective date of cancellation of your EDC Approval. A portion of the premium paid will be refunded to you. Refunds will be determined based on a pro-rated calculation and will be subject to a minimum retention of 25% of the premium paid in respect of the EDC Approval being cancelled.

If you haven’t received payment from your customer, and wish to submit a claim, please contact us at 1-800-229-0575. You’re required to continue to perform collection efforts even after you have submitted the claim to EDC. Upon submission of any claim, you’ll be given the choice to place the account with a collection agency.

If your customer is subject to a formal insolvency proceeding, a claim should be submitted immediately. Please attach the following information to your claim application: insolvency date, insolvency reference number, and copies of any documentation that you have received regarding the insolvency.

Upon submission of a claim, any change in the debt balance must be reported to us directly. Contact us at 1-800-229-0575 or at support@edc.ca for assistance with balance updates.

Any claims made under your Policy will not be paid if your customer is disputing the amount owed to you at the time of the claim. The loss amount needs to be clearly established for your shipment to be eligible for coverage under the Policy (see Section 7 of the Policy).

We believe you know your business best and that you’re in a better position than we are to resolve disputes when they arise. To avoid loss of coverage, you’ll need to come to an agreement with your customer on the amount owed. We’ve prepared the following list of action items to guide you during these situations:

What can you do if the customer is disputing the debt?

• Ensure all your duties and obligations under the Policy continue to be met while the debt is disputed. Contact us if you need assistance.
• Attempt to resolve the dispute with the customer and consider engaging legal counsel in the customer’s country to assist you if needed.
• Seek our approval prior to agreeing to changing/extending the transaction’s payment terms (please keep this requirement in mind prior to agreeing to a settlement agreement or a repayment plan for example).

For any other questions regarding disputes, contact us at 1-800-229-0575 or support@edc.ca.