credit insurance scheme

trade credit insurance top-up scheme

Credit Insurance Scheme backdated to October 2008

Businesses which have had their trade credit insurance cover reduced since October last year can now purchase government-backed top-up insurance, after the Government bowed to pressure from business groups to extend the scheme. Previously, support was only available to businesses which had their credit insurance cover reduced from 31st March 2009 onwards, but businesses which were left without sufficient cover from 1st October 2008 can now apply. Launched in May this year, the Government’s £5 billion credit insurance top-up scheme is designed to counteract the effect of insurers reducing or withdrawing credit insurance from small suppliers during the recession. The trade credit insurance top-up scheme enables businesses to purchase government-backed top-up insurance, to protect... »

Credit Insurance Scheme Misses the Mark

The Government’s proposed credit insurance scheme for small businesses falls well short of the mark according to Bibby Financial Services. Edward Rimmer, Bibby Financial Services chief executive, UK and Ireland said: “The finer detail on the government’s proposals has taken much longer than expected to filter through. Though announced in the April Budget, the industry is still awaiting the specific detail on how the scheme will operate and what companies will be covered.” “At face value, the scheme sounds like a great and extremely timely opportunity for the small business community. However, the proposed scheme is tabled to run only for the next six months, and yet few will be surprised if the current downturn lasts beyond the next 12 months or more – t... »