FREQUENTLY ASKED QUESTIONS
Who is ECGC
This is an acronym used to refer to Export Credit Guarantee Corporation of Zimbabwe (Pvt) Ltd. ECGC was established in 1999 and started operating in 2000 as a wholly owned subsidiary of the Reserve Bank of Zimbabwe.
What is credit insurance
Credit insurance is insuring your business when selling on credit, against the risk of loss due to non-payment by the customers. You can be selling your products on the export or domestic markets ECGC will provide the relevant policies.
Does ECGC cover credit sales of goods and services
Yes! ECGC covers businesses dealing in both goods and services.
What percentage is covered
ECGC covers you up to 90% of any loss ie you retain 10% of the loss.
What happens if my customer finally pays after you had paid me a claim.
ECGC will recover 90% of any recovery made after payment of a claim and you will get the balance of 10%
Why should I insure my good customers with you.
Since risk cannot be calculated or predicted, everyone in business is at risk, even your most trusted customers. Moreover you may not be aware of your customers' other obligations which may affect their ability to service their debt with you.
Does ECGC cover only exports
No, ECGC covers credit sales made in the local market as well.
How can ECGC help my company
When your company`s credit transactions are covered by ECGC, the risk of loss through bad debts is highly reduced. ECGC checks the creditworthiness of each of your buyers and gives advice to your company. In the event of a default by an insured buyer, ECGC pays out of a claim, thereby reducing the level of bad debts. Open credit terms allow your company to increase your capacity to compete in the international markets and enable you to break into new markets, introduce new products and take up new buyers. ECGC's policy can be ceded to the bank and be used as security where the policyholder has a loan or overdraft facility with the bank.
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