The Government are to provide guarantees of up to £10 billion to Trade Credit Insurance schemes for business-to-business transactions. 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.
- Trade credit insurance coverage to be maintained across the market in light of COVID-19, with up to £10 billion government backing
- Measures will support thousands of businesses by protecting against customer defaults or payment delays
- Scheme is available on a temporary basis for nine months, backdated to 1 April 2020, and available insurers operating in the UK market
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