The BMF has confirmed to members that the government has extended its Trade Credit Insurance Scheme by six months to 30 June 2021. The Scheme ensures that trade credit insurance coverage and credit limits are maintained during the coronavirus pandemic, helping businesses to trade with confidence.
John Newcomb, BMF CEO, said: “I currently chair the Construction Leadership Council’s working group on trade credit insurance that, along with the CBI, has been calling for an extension to the Trade Credit Insurance scheme. We also provided detailed evidence from BMF members to support the extension. We are very pleased that the six-month extension has been confirmed, providing the reassurance I know many merchants were looking for as trading through pandemic continues.”
The Trade Credit Insurance Scheme, which is approved under State Aid Rules, is available until 30 June 2021, backdated to 1 April 2020. Individual businesses do not need to sign up for the scheme as in-scope policies held with a participating insurer will automatically be eligible for inclusion.
The participating insurers are:
American International Group UK Limited
Coface UK Branch
Credendo – short-term non-EU risks
Euler Hermes UK, a branch of Euler Hermes SA (NV)
Markel International Insurance Company Limited
Nexus Trade Credit
QBE UK Limited and QBE Europe SA/NV
Zurich Insurance plc
The Construction Leadership Council guidance on trade credit insurance during Covid-19 has also been updated to reflect the latest reinsurance scheme information. Read the full guidance here.