BIS announces immediate changes to Trade Credit Insurance Top-up Scheme

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21/08/2009

The Government has made changes to its Credit Insurance Top-up Scheme as a result of feedback from business.  The three changes are: (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 The scheme, which will run until 31 December 2009, allows suppliers to purchase Government-backed insurance to either restore cover to the original level or double the amount they are able to obtain from the private sector up to the value of £2m (whichever is the lower). Companies which had credit completely withdrawn and then partially reinstated are eligible for top-up against the reinstated amount.  Further information on the changes can be found in the BIS press release.

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