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Comprehensive Policy The Comprehensive Policy caters for a wide range of businesses and is especially suitable for manufacturers and traders of consumer goods and commodities which are sold on repetitive terms. Credit terms granted should not be more than 180 days. In certain cases however, trade credits of up to 720 days can be considered.

With a Comprehensive Policy, the risks of non-payment by your buyers are minimised and you can thus:

1. Compete effectively with your competitors;
2. Maintain better credit control;
3. Improve your risk management, especially against unanticipated events, including political     events, leading to non-payment of outstandings. This will enable you to overcome any cash     flow problems when your customers default;
4. Protect your balance sheet and increase profitability;
5. Enhance your banking financing with risks protection from ECICS; and
6. Have the confidence to venture into new markets or sell to new buyers in your existing     markets.

Risks Covered
The Policy covers risks such as:
- Insolvency of the buyer
- Non-payment of goods accepted by the buyer;
- Buyer’s failure to take up the goods;
- Transfer delay, or delay in payment due to the imposition of foreign exchange controls in the    buyer’s country;
- Cancellation or imposition of import licence in the buyer’s country;
- War and other disturbances in the buyer’s country which could affect the settlement of the    debt.

Types of Cover
The Comprehensive Short Term Policy: where you can opt for a Shipments Policy or a Contracts Policy. Insured indemnity is up to 90% of your gross invoice value payable in Singapore dollars or an approved foreign currency.

A Shipments Policy
For general consumer goods, with credit insurance taking effect on the day of shipment or delivery; or

A Contracts Policy
For manufacturers who wish to cover their production period, the cover starts from the date the sales contract is signed.

Claims Waiting Period
- Insolvency: immediate upon proof of debt filed and acknowledged by receivers;
- Default in payment: 6 months on due date or extended due date;
- Transfer delay: 4 months after the date that the buyer made an irrevocable deposit for    transfer to the Exporter the amount due for payment or 4 months after the due date of    payment whichever date is later

Premiums
Premiums vary depending on the buyers, the payment terms, economic and political environment of the buyer's market, among other factors.

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