UKEF will help companies concerned about the impact of
Coronavirus to export with confidence, by offering
insurance that 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.
Minister for Exports, said:
Exports play a crucial role in our economy and it’s
right that UK businesses trading internationally are
protected during this challenging time.
That’s why we are offering a guarantee to these
businesses that they will get paid, so they can
continue to export with confidence and support the UK
economy.
More than 230,000 businesses exported goods and
services from the UK last year and over 95% of these
were SMEs.
The Coronavirus pandemic is expected to put pressure on
the ability of exporters to agree payment terms, while
commercial credit insurance may become harder to
obtain. By insuring against non-payment with UKEF, UK
suppliers will have the confidence to continue trading
and can offer more flexible payment terms to overseas
buyers.
UKEF extends its cover to include countries that were
previously excluded from the scheme after the European
Commission relaxed rules this week regarding the
provision of short-term export credit insurance.
