New online guide for credit insurance brokers
A new online guide to help credit insurance brokers access government-backed export insurance has been published by UK Export Finance (UKEF). The guide sets out how brokers can help firms insure their export contracts against non-payment, explaining each step of the application process for UKEF’s Export Insurance Policy (EXIP).
The policy is available to companies that have been unable to secure insurance from the private sector and brokers can use the toolkit to reinforce their credentials as credit insurance specialists – the guide aims to demystify: application eligibility; policy management; claims and recoveries and using credit insurance to access finance.
EXIP premiums start from £250 and the policy protects the exporter for up to 95% of losses incurred where there is non-payment by the buyer, or when the act of a foreign government or political event (such as war) prevents contractual performance. There is no maximum or minimum value for the contract.