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ARTICLE · 02 SEPTEMBER 2009

Further Changes To Government Credit Insurance Top-Up Scheme

CMS Cameron McKenna Nabarro Olswang
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The UK Government has announced further changes to its trade credit insurance top-up scheme. These are the third changes since the scheme was launched on 1 May 2009.

United KingdomInsurance
Helen Johnson
Helen Johnson
Simon Garrett
Simon Garrett

The UK Government has announced further changes to its trade credit insurance top-up scheme. These are the third changes since the scheme was launched on 1 May 2009.

The Government announced that the cost of its credit insurance top-up scheme to businesses has been reduced, and that it is doubling the amount of insurance it is prepared to underwrite.

The Government has reduced the premium from 2% to 1% of the amount of business to be covered. It has also abolished the lower requirement of a minimum of £20,000 of "top-up" cover and has increased the upper limit to £2 million from £1 million.

The scheme was introduced on 1 May 2009 and was extended in June 2009. However, only 52 companies have benefited from £1.1 million of cover so far. The Association of British Insurers and businesses have said that the scheme was too expensive so will welcome these changes.

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