Biba launches trade credit scheme

The British Insurance Brokers’ Association (Biba) has teamed up with CMR Insurance Services to offer a trade credit insurance scheme to its members.

The scheme provides access to cover designed to protect businesses from the risk of their commercial clients not paying invoices.

Biba detailed that CMR’s managed credit insurance policy reduces the risk of a bad debt destabilising a business.

Access
The head of technical services at Biba, Mike Hallam, said: “For members, this provides access to a class of insurance that can be invaluable to businesses.

“There is no question that there is a need for this type of insurance, according to the Association of British Insurers (ABI), in 2016 trade credit insurers paid out an average of £4m per week in claims settlements.”

CMR has been a provider of trade credit cover for 27 years and is an appointed representative of trade credit insurer Atradius.

Christian Hoy, managing director of CMR commented: “There are always risks associated with trade and taking steps to protect cash flow is a wise precaution in any economic environment.

“In today’s challenging marketplace the risks are heightened and this cover is more necessary than ever during these unpredictable and uncertain times.”

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