The UK government has released further details of its trade credit insurance scheme
Trade credit insurance, which provides essential cover to hundreds of thousands of business-to-business transactions, will receive up to £10bn of government guarantees.
- The Trade Credit Reinsurance scheme, which has been agreed following extensive discussions with the insurance sector, will see the vast majority of Trade Credit Insurance coverage maintained across the UK.
- The guarantees will support supply chains and help businesses during the coronavirus pandemic to trade with confidence, safe in the knowledge that they will be protected if a customer defaults or delays on payment.
- The scheme is available on a temporary basis for nine months, backdated to 1 April 2020, and available insurers operating in the UK market.
Please see further information here.