The Export Credit Insurance Company (ECIE) is the only trade credit insurer with a direct local presence. Through the vision of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.
The ECIE also protects companies in the UAE and their global subsidiaries against the risk of non-payment by their buyers.
The Comprehensive Short-term Policy caters to a wide range of businesses in which products or services are sold on credit terms of not more than 180 days. In certain cases, longer payment terms i.e. up to 360 days, can also be considered.
The risks covered include:
- Insolvency of the buyer
- Non-payment of goods accepted by the buyer
- 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 or export licence in the seller's country
- War and other disturbances in the buyer's country which could affect the settlement of the debt
- Buyer's failure to accept the goods
- The cover percentage is up to 90% of the gross invoice value
Among the many advantages of the Credit Insurance Policy, businesses are able to:
- Compete effectively with better credit control and focus on their core business
- Better manage their risks, whether political or commercial
- Safeguard their balance sheet and increase their profitability
- Enhance their ability to obtain funding from banks
- Constantly target new export markets or sell to new buyers
- ECIE also accepts its policyholders? obligations to banks, improving their ability to raise funds