Chancellor Alistair Darling’s credit cover top-up too narrow
Credit insurers Euler Hermes and Atradius say the government’s Budget-announced credit insurance top-up scheme should have been wider and will only affect a tiny number of firms, the Independent reports.
Fabrice Desnos, the chief executive of Euler Hermes UK said: "What is impossible to predict is how many companies will actually want to pay for it. We don't expect the take-up for the scheme to be very high".
Shaun Purrington, a director at Atradius,said: "The application of the scheme could have been broader."
Only businesses that have their insurance cover scaled back between 1 April and 31 December 2009 will be able to apply for top-up cover, which the Government is to offer for six months. Businesses that see their cover withdrawn altogether will not be eligible for the scheme.
Amy Collins, a partner at the law firm Olswang, said: "The scheme does not seem to take account of the fact that retail businesses have been affected by the downturn in the credit insurance market for many months now."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
