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Firms invited to learn about the future Trade Credit Insurance

The CBI are hosting a free webinar with industry experts on 4 March to help businesses understand what they need to consider over the next six months to ensure they remain covered.

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Trade Credit Insurance provides essential cover to hundreds of thousands of business-to-business domestic and overseas transactions every year.

To protect coverage during the COVID-19 pandemic, the government has established a Trade Credit Reinsurance scheme to guarantee up to £10 billion of insurance for UK businesses. The scheme is intended to allow businesses to trade with confidence, safe in the knowledge that they will be guaranteed protection if a customer defaults or delays on payment.

Stephen Phipson, CEO of Make UK, described the scheme as a “welcome boost” when it was first announced in June 2020:

“For most manufacturers, credit insurance is essential – giving them certainty that they will be paid for the orders they deliver. We’re pleased that the government has taken action to jump-start the credit insurance market – which will provide a welcome boost to our nation’s makers as they recover from the COVID crisis.”

The Trade Credit Reinsurance scheme was due to expire in December 2020 but has now been extended to June 2021. However, experts believe challenges will remain once the scheme finishes.

The CBI’s confidential webinar, What next for Trade Credit Insurance? Ensure you are prepared for the recovery, will take place on 4 March to help businesses understand what they need to consider to remain resilient, including:

  • Steps you can take to support your unsecured cash flow
  • How best to support your relationship with credit insurers
  • Identifying risks and pinch points in your supply chain
  • How to ensure resilience through and beyond June 2021.

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