I. Introduction Export credit insurance + banking facility is a service jointly launched by ICBC and China Export & Credit Insurance Corporation to meet your needs. Your company as the exporter buys the short-term export credit insurance at the China Export & Credit Insurance Corporation. After shipment of goods, transfer the indemnity and other interests to ICBC to obtain credit facility. ICBC credit insurance facility is applicable to export contracts settled by credit sale, collection and L/C. Once you buy the export credit insurance, ICBC offers a range of services such as export invoice credit, export documentary collection/discount and export bill purchase/discount.
II. Features and Advantages 1. Avoid credit risk of the importer, more protection on the receipt of payment; 2. Enjoy ICBC low cost in financing the export; 3. Increase company competitiveness in international market; 4. Settle the F/X in advance, lock down the risk in exchange rate.
III. Operation Guide Your company has to sign 3 copies of Indemnity Transfer Agreement with ICBC and China Export & Credit Insurance Corporation, and submit the following: 1. Trade Financing Agreement on Export Credit Insurance; 2. Photocopy of the insurance policy; 3. Photocopy of the approval on buyer's credit limit; 4. Export Credit Insurance Underwriting Advice;. 5. Export declaration and receipt of insurance premium; 6. Export contract and commercial documents as required in the contract. 7. Other documentations required by ICBC.
IV. Application Conditions 1. Your company must provide guarantee on the difference of the amount between the insurance loss and ICBC loan.
V. FAQ 1. China Export & Credit Insurance Corporation will not be liable for any payment if the importer refuses to pay because of your non-performance.
VI. Statement Information herein is for reference only. Industrial and Commercial Bank of China Limited reserves the final rights of interpretation. Refer to the announcements and regulations of local branches for further details.