Members of the British Insurance Brokers’ Association (BIBA) will receive increased commission levels from 10 per cent to up to 15 per cent when they place trade credit insurance through the UK Export Finance initiative, says the association.
Speaking at a reception hosted by UK Export Finance and the Foreign and Commonwealth Office last night, Lord Green, Minister for Trade and Investment, underlined the importance of driving British exports through broker involvement and the government-backed trade credit facility.
He also announced that a number of regional advisers have been appointed to ensure that support is provided to exporters and businesses on a local level. BIBA has also pledged to ensure consistency of message, access to information and targeted support.
Steve Foulsham, BIBA’s head of technical services, said: “BIBA welcomes this initiative which enables members to find trade credit protection for their SME clients looking to export into emerging markets where traditional trade credit insurers cannot always help.”
Chief executive of BIBA, Eric Galbraith, added: “The increased commission level is a positive step forward. Other areas of equal importance that are being addressed are around clarity and simplification of the policy wording and application pack."
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