Are you a Singapore-based exporter? Get trade credit insurance to protect your business against buyer default.

For who?

• Singapore-based businesses that export goods/services to other countries, with at least 3 strategic business functions in Singapore such as:
  
  
  • banking and finance
  • marketing and business planning
  • logistics/procurement
  • training and personnel management
  • investment planning/co-ordination
  • research and development
  • technical support 
  • manufacturing
    
    
• To qualify for a subsidy on trade credit insurance premiums, the annual group turnover of your business must not exceed S$80 million.

For what?

• To protect Singapore-based exporters against buyer insolvency and default by providing short-term trade credit insurance coverage (with payment terms of not more than 180 days) through:
  
  
  • Insurance Premiums Support
    International Enterprise (IE) Singapore supports 50% of the insurance premium for trade credit insurance policies issued by Singapore-registered credit insurers under ECS.
    
    This is subjected to a maximum subsidy of S$100,000 per Singapore-based Company.
    
    
  • Top-up Arrangement/ Limit Excess Facility
    Additional trade credit insurance coverage through top-up arrangements by commercial underwriters and IE Singapore.

How much?

• You can use ECS to cover up to 90% of net insured loss for 1 policy year on:
  
  
  • export or domestic sales
  • whole company turnover
  • specified buyers/transactions

Things to note

• ECS is launched by IE Singapore and administered through insurance broker Aon Singapore Pte Ltd.
  
  
• ECS is effective from 1 March 2009 to 31 January 2011, after which IE Singapore will decide whether to extend the scheme.
  
  
• Participating insurance companies include:
  
  
  • Atradius Credit Insurance N.V.
  • Euler Hermes Credit Insurance Agency (S) Pte Ltd
  • QBE Insurance (Singapore) Pte Ltd
    
    
• Trade insurance coverage may not be available for all countries. For a list of restricted or excluded countries, please refer to the Frequently Asked Questions on the ECS website.

For more info

Export Coverage Scheme (ECS)
International Enterprise (IE) Singapore