Reinsurance Scheme extended and guidance updated
The Trade Credit Reinsurance Scheme has been extended by 6 months to 30 June 2021 along with updated guidance.
Trade Credit Insurance (TCI) plays a significant role in construction, giving businesses throughout the supply chain the confidence to trade with one another. TCI provides protection for businesses when customers do not pay their debts owed for products or services. On 4 June 2020 the Government announced the temporary Trade Credit Reinsurance Scheme. The Construction Leadership Council (CLC) welcomed the announcement in a press release. The Scheme became operational in July 2020 and final details, including participating insurers has been published on GOV.UK. On 29 December 2020 the Scheme was extended by 6 months to 30 June 2021 and approved under relevant state aid rules.
The latest guidance including the extensiob to 30 June is available here.