We are absolutely delighted to have had a UK Export Finance case study developed to explain how we work together to manage the risks of exporting.
The case study details important information about exporting trade on open credit terms as well as trading with foreign markets and how to find the right credit insurance. Read the full case study here.
This is much of the article:
Sourcing credit insurance is often critical for exporting companies, as it protects a company from their buyer not paying for their work.
“The more confident you are that you will be paid, the more confident you will be to export”, says Tom Rolfe, Director at The Channel Partnership, a specialist credit insurance broker.
It allows exporters to trade on open credit terms, shipping their goods, for example, without pre-payment. If the customer doesn’t pay – the exporter can claim without having to work through foreign courts in a foreign language.
Sometimes, businesses trading with foreign markets find credit insurance hard to source from the private sector. This is where UK Export Finance comes in.
With its deep knowledge of the market, it puts businesses in touch with specialist brokerages like The Channel Partnership. The broker then uses its contacts and networks to connect the business with a specialist provider offering the right cover at the best price.
Tom points out that when insurance for a particular
risk can’t be found in the commercial market, UK Export Finance is able to offer credit insurance of its own, helping exporters take advantage of opportunities in even the most challenging markets.
The relationship works well for everyone. The Channel Partnership is always happy to talk to any business that wants to discuss any aspect of credit insurance. And companies are able to source the insurance they need to export.
It stands as a fine example of the public and private sectors collaborating to help fuel growth and put UK businesses on the global map.
• In 2017/18, UK Export Finance helped 191 companies sell to 75 markets around the world
• We can support exports to over 200 markets
• We’ve provided £14 billion of support over the last 5 years
• Last year, we connected nearly 400 companies with 7 multinational contractors through the Supplier Fair programme
More information: https://www.gov.uk/government/organisations/uk-export-finance