trade credit insurance top-up scheme

Trade Credit Insurance Top-up Scheme Still Not Working

Commenting on the news that the £5 billion Government fund set up to help small businesses which have seen their insurance cover diminish has only been used by 72 companies, Edward Rimmer, chief executive at leading independent invoice financier Bibby Financial Services, said: “The figures speak for themselves. Of the £5 billion earmarked to support small businesses, only £18 million has been used. This is a huge waste of funding, and the Government clearly needs to be doing more to communicate that this support is available to small and medium-sized businesses.” The Trade Credit Insurance Top-up Scheme was launched in May to help businesses that have had their cover reduced by risk-averse insurers. However, the scheme recently revised its eligibility criteria... »

Government makes changes to Trade Credit Insurance Top-up Scheme.

Changes to Trade Credit Insurance Top-up Scheme

The Department for Business Innovation and Skills (BIS) today announced further changes to the Government’s Trade Credit Insurance Top-up Scheme. Since the 1st of May companies that have had their credit insurance cover reduced have been able to purchase six months top-up cover under the Government Scheme. After feedback from business, the following three changes will be made to the scheme’s rules today: 1) The price of the top-up cover will be reduced from 2% to 1% 2) The £20,000 lower limit on top-up cover will be removed 3) The upper limit on top-up cover will be increased from £1 million to £2 million Since launching the scheme, the Government has collected market information from insurers, brokers and businesses that use trade credit insurance. Evidence i... »