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A statutory body established in 1966, the Hong Kong Export Credit Insurance Corporation aims at encouraging and supporting export trade by providing Hong Kong exporters with insurance protection against pre- and post-shipment non-payment risks arising from commercial and political events. The ECIC is required to operate in accordance with the requirements laid down in the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115). Its contingent liability under contracts of insurance is guaranteed by the Government of the Hong Kong Special Administrative Region, with the statutory maximum liability currently standing at $55 billion.
The ECIC provides a wide range of insurance facilities to Hong Kong exporters of goods and services who trade with overseas buyers and clients on credit terms, usually for credit periods of up to 180 days. Its services cover not only exports and re-exports from Hong Kong, but also offshore shipments transported directly from suppliers to buyers without passing through Hong Kong. The maximum indemnity provided is 90% of the credit limit.