Trade Credit Reinsurance Scheme

Department for Business, Energy and Industrial Strategy written question – answered on 3rd September 2020.

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Photo of Chris Elmore Chris Elmore Opposition Whip (Commons), Shadow Minister (Scotland)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what the timeframe is for the Trade Credit Reinsurance Scheme to start accepting applications from Scottish food and drink wholesale businesses.

Photo of Paul Scully Paul Scully Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), Minister of State (London)

The Government’s Trade Credit Reinsurance Scheme will see the majority of Trade Credit Insurance coverage maintained for businesses across the UK. The Scheme operates as a reinsurance arrangement through trade credit insurers which will enable them to continue to write and maintain cover to business throughout the COVID-19 crisis. At present, insurers serving over 80% of the market have signed up to participate in the scheme. There is no need for underlying businesses to sign up to the scheme.

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