24 September, 2020 Blog

Her Majesty's Government Support Scheme

Coface is pleased to confirm participation in Her Majesty’s Government’s reinsurance scheme, designed to support UK businesses through credit insurance.

This scheme reflects similar state-backed support to help businesses to continue to benefit from protection. A key component of the scheme is to maintain (subject to normal underwriting practices) credit limits on buyers that are temporarily affected by the COVID-19 crisis and whose solvency would otherwise not be questioned.

Maintaining cover as far as possible between suppliers and their clients will be a key ingredient in allowing the UK economy to overcome the challenges of the current crisis.

We have prepared a list of Frequently Asked Questions.

Outlines of the scheme

  • Trade credit insurance coverage to be maintained across the market in light of COVID-19, with up to £10 billion government backing
  • Measures will support thousands of businesses by protecting against customer defaults or payment delays
  • Scheme is available on a temporary basis for nine months, backdated to 1 April 2020 and available insurers operating in the UK market

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