Trade credit insurance scheme back-dated
The Government has agreed to back date access to “top up” cover on trade credit insurance to 1st October 2008.
The news has been welcomed by the British Insurance Brokers’ Association (BIBA), which has been petitioning the Department for Business Enterprise and Regulatory Reform (BERR) for the change.
According to BIBA, the original scheme failed firms with policies that fell due for renewal before it was introduced and were therefore left with reduced access to cover as a result.
The Association’s head of technical services, Peter Staddon, comments: “We are pleased to see that BERR took on board the concerns of BIBA and our members and have quickly implemented changes that will allow UK plc – our members’ customers – to access this improved cover to protect their business.”
The “top-up” scheme, which is administered by the private sector on behalf of government, enables businesses with a trade credit insurance whole-turnover policy to purchase additional insurance.
They must first have seen a reduction in the value of their cover to a specific buyer.
The scheme is open to all businesses trading in the UK, of any size and operating in any sector, which hold a whole-turnover trade credit insurance policy.
Category: BIBA News, Business Insurance News, Insurance News
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