Completing the application submission

b. Select the Currency type using the drop-down menu to indicate the currency of the financial information you are providing.

c. Use the calendar when choosing your last completed fiscal year end (not the upcoming fiscal year end date). This will ensure the proper columns are displayed in the company financial information section.

• If you are a newly formed company and have not completed a full fiscal year end, then select your fiscal year end date and only enter values in the Current year to date column.

d. Fill in all the fields with values to reflect your sales and bad debts. Enter ‘0’ if there are no sales or debts.

Note: Do not enter any characters (examples: $ or commas or periods) when entering your amounts or you will receive errors when submitting the application.

e. Once you have completed this tab, click the Loss History tab.

Loss History tab

f. Under Losses Outside Canada, fill in or select values from the drop-down menus for each field to reflect your company’s loss history outside Canada. 

Note: Additional questions may be displayed depending on the answers provided.

g. Once you have completed this tab, click the Credit Management tab. 

Credit Management tab

h. Fill in or select values from the drop-down menu for each field to reflect the status of your current aged receivables and credit management.

Note: Additional questions will be displayed depending on the answers provided.

i. Once you have completed this tab, click the Coverage Requested tab.

Coverage Requested tab

j. Under Goods and Services, fill in or select values from the drop-down menus for each field that most accurately reflects your business. Additional questions may appear depending the answers provided.

• Do you sell made to order goods that cannot be easily sold to another buyer? This may also apply to you if you are a service provider engaging in complex service contracts that have long, intermittent billing milestones and for which you are incurring significant costs prior to reaching these milestones.

• What percentage of your U.S. and foreign sales that you want to insure is shipped from Canada (or services invoiced from Canada if you provide services)? This question is not asking what percent of your total sales are exports, but rather the percentage of the export sales you want insured that consist of goods shipped from Canada or services invoiced from Canada.

k. Under Affiliates, indicate whether you will require coverage for sales made by an affiliated company under the policy. If you select Yes, fill out the required fields for that affiliate.

Note: If you wish to add more than one affiliate, click Add and complete the fields for each affiliate added. You may need to use the scroll bar to view all the questions.

l. Once you have completed this tab, click the Country Coverage tab.

Country Coverage tab

m. Under Select the countries other than Canada that you wish to insure, click Add. A blank row will appear where you should select the country from the drop-down list.

n. Enter the Anticipated Annual Insurable Sales amount for that country and select the appropriate Payment Term. These fields will have a direct result on the dollar amount of premium payable and the premium rate established.

Note: To add countries, click Add. You may need to use the scroll bar to see the new line added (if more than two countries are required). To delete a country, click the red “x” next to it.

o. Once you have completed this tab, click the List of Buyers tab.

List of Buyers tab

p. Under Buyers Located Outside Canada (maximum of five buyers), enter the information for the key buyers (customers) you would like included under your policy.

• To add a buyer, click Add and complete the required fields. You may need to use the scroll bar to see the new lines added. If you need to delete a record, click the red “x” beside the buyer.
• Under Credit limit Requested (rounded to the nearest thousand), enter the amount equal to the maximum amount owing to you by the buyer at any one time. Not your total anticipated sales with the buyer for the year. Note that you can always request a credit limit increase during the policy period.

t. Once you have completed this tab, click the Accept and Submit tab.

Accept and Submit tab

u. Under the Comments section, you can provide any additional notes or information about your company such as:

• Details on the reason(s) that led to any large bad debts in the last three years and year to date and how this may have impacted your credit management practices
• Explain any sizeable amounts on your accounts receivables listing that are greater than 90 days overdue
• If you answered yes to “made to order products,” explain what a typical contract looks like (payment terms, billing schedule and payment triggers, pre-shipment period)
• If you have any unique payment arrangements. For example (but not limited to): sales on consignment; dating plan; floor plan; pay if/when paid terms

v. Under Attached files, you can upload relevant documentation, such as:

• If requesting coverage for an affiliate company: An organizational chart showing ownership structure and percentages among the companies in your group
• If requesting ILC coverage:  A copy of the irrevocable letters of credit (ILC) you would like to have insured, if applicable (if this document is not yet available, provide the issuing bank name and the name of the buyer(s) applying for letters of credit with bank)
• The latest financial documents for buyers in the “List of buyers” page that you already in your possession
• A copy of your aged receivables listing

w. Under the Applicant declaration, carefully review the terms and conditions and then click the I Agree checkbox.

X) When you are ready to submit your application, click Submit to complete the process. If all mandatory fields have been filled out, you will receive an onscreen confirmation as well as an email confirmation with a PDF copy of the completed application.