What exactly is the trade credit support scheme?
The Government has announced that it will provide a guarantee of £10 billion to cover 90% of business-to-business trade credit insurance transactions made from the 1st April 2020 until the end of the year. This will allow businesses to insure their trade, despite the uncertainty caused by the pandemic.
To what and whom does the scheme apply?
The new scheme applies to UK policyholders and new domestic transactions. Invoices with a payment term of up to 120 days are potentially covered.
Does this mean that more cover will be available?
Yes. The new scheme has enabled Nimbla to make more insurance cover available for you. However the scheme is not a guarantee that more cover is available as we assess buyer risk individually.
Will this affect the claims process?
Nimbla's usual claims policy and procedure will not be affected by the scheme, nor will claims timescales be affected.
Can I backdate my invoice insurance?
No. This is because individual invoice insurance is more flexible and therefore more timely than traditional 'whole turnover' insurance products. However, Nimbla can insure invoices issued up to 60 days ago, in line with our usual requirements.
What can I do if my uninsured invoices are more than 60 days old?
If you're worried about uninsured invoices that are more that 60 days old, Nimbla's sister company Koguda can help. Placing a debt with Koguda takes minutes, and our experts will work sensitively on your behalf to recover the debt.