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UK Export Finance expands export credit insurance policy

Reacting to the announcement that UK Export Finance is expanding the scope of its export credit insurance policy in response to Coronavirus (COVID-19), meaning that exporters in Northern Ireland can continue to export with confidence, Nigel Birney, Head of Trade Credit Insurance at Willis Towers Watson in Northern Ireland said: “We welcome the fact that the UK government has recognised the importance of credit insurance in order to maintain export markets throughout the COVID-19 period which will protect UK and Northern Irish businesses in particular, against non-payment when selling internationally.” 

“It is quite possible that the major credit insurers may be forced to scale back cover, so the recent announcement that UK Export Finance are widening the scope of their credit insurance product ensures that trade continues to flow. Northern Ireland exports billions of pounds worth of goods and services to the rest of the world beyond the likes of GB and the Republic of Ireland every year and it is key that these exports and exporters are protected in these unprecedented times.” 

“This means that a Northern Irish company can continue to export with confidence by having credit insurance which can cover up to 95% of the value of an export contract. The insurance will protect against the risk of non-payment should UK exporters’ customers become insolvent or their government actions make fulfilling the contract impossible.”