BIBA secures export credits guarantee deal
by Gill Montia
Story link: BIBA secures export credits guarantee deal
The British Insurance Brokers’ Association (BIBA) has secured an agreement with the Government’s Export Credits Guarantee Department (ECGD) to provide general insurance brokers with access to the ECGD’s export insurance scheme.
The move means that BIBA members can now use the scheme to arrange insurance for UK exporters against non-payment by their overseas buyers.
In addition, BIBA and ECGD have re-worked the wording of the policy so that it can be used to obtain trade finance.
BIBA’s head of technical services, Peter Staddon, comments: “Access to ECGD to the wider BIBA membership will be invaluable to businesses in distributing and placing the export risk.”
Specialist credit insurance broker, Perkins Slade, will be wholesaling the scheme to the wider BIBA membership.
Last month, the ECGD announced that many more British exporters (including many small and medium-sized businesses) can now apply for short-term credit insurance.
As part of the change, contract values have been revised and can now be as low as £20,000.