Single Buyer Insurance

Single Buyer Insurance can be used to cover an unlimited number of sales, to the same customer for six months, on contracts worth up to $250,000.

Eligibility Criteria

Applicant must be a Canadian company and the goods manufactured in Canada or in the case of services, rendered by the applicant.

Summary

If you’re an occasional exporter or thinking about selling to a customer in a new market, you can now insure your sales to one customer with EDC’s Single Buyer Insurance.

Business Benefits

• Mitigated risk: Covers up to 90% of losses due to non-payment after the customer has accepted the goods;
• Ease of use: A simple application process and policy make it quick and easy to use;
• Extensive coverage: EDC can provide coverage to most markets; and
• Access to capital: Banks often consider this type of insurance as security against which they can lend you more money under your operating line of credit.

The policy insures up to 90% of a Canadian company’s losses against non-payment after your customer has accepted the goods that may occur for a number of reasons, including:

• Failure to pay;
• Bankruptcy or insolvency;
• Currency conversion and transfer; and
• War, revolution, or insurrection.

Cost

A one-time premium, payable up-front, is based on the amount of coverage required and customer risk. The premium usually varies between 1.1 and 1.5% of the coverage amount, with no minimum charge.

New Brunswick Contact(s):
See National Contact.

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National Contact(s):
Export Development Canada
151 O'Connor Street
Ottawa, Ontario  K1A 1K3
Telephone: 613-598-2500
Fax: 613-237-2690
Toll-free (information): 1-866-283-2957
TTY (hearing impaired): 1-866-574-0451
Web site: http://edc.ca/english/8522_contact_us.htm