Hull: 01482 224763
Pocklington: 01759 305165
  • slider-1.jpg
  • slider-2.jpg
  • slider-3.jpg
  • slider-4.jpg

helping you unlock your potential

Latest News

Summer Statement
08/07/2020 - More...
The Chancellor, Rishi Sunak continued...

Tax Credits updates required this month
07/07/2020 - More...
Families and individuals that receive...

Reminder of businesses opening since 4 July 2020
07/07/2020 - More...
A reminder that since 4 July 2020, many...

Search News

Trade credit insurance guarantee

Source: HM Treasury | | 19/05/2020

Trade credit insurance is a contract acquired by suppliers to make sure they get paid even if their customers default. This gives businesses the confidence to trade with one another and is especially important as the COVID-19 pandemic continues to decimate many businesses. The risk of COVID-19 meant that insurers could withdraw insurance or increase premiums to unaffordable levels.

HM Treasury has now confirmed that to prevent this from happening, the government will provide guarantees for all currently available for trade credit insurance. This will support supply chains and help businesses to trade with confidence as they can trust that they will be protected if a customer defaults on payment.

The final details of the scheme are being worked on and government will liaise with businesses and the industry on the full details of the scheme to ensure firms are supported and risk is ‘appropriately’ shared between the government and insurers.

The guarantees will cover trading by domestic firms and exporting firms and the intent is for agreements to be in place with insurers by end of this month. The guarantee will be temporary and targeted to cover COVID-19 economic challenges and will provisionally last until the end of the year.

It will be followed by a review of the trade credit insurance market to ensure continued support for businesses in the future. Further details will be announced in due course.



Hull Office

1 Parliament Street
Hull
East Yorkshire
HU1 2AS
Tel: 01482 224763
Fax: 01482 214874

Pocklington Office

12 Pavement
Pocklington
YO42 2AX
Tel: 01759 305165
Fax: 01759 305985

Membership

Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login