Lloyd's broker Tyser & Co. has formed a partnership with insurance company Coface UK to create a Customs and Excise duty deferment company that aims to reduce UK import costs.
DutySure will complement Her Majesty's Customs and Excise (HMCE) duty deferment operations with necessary capacity from Coface UK divided and sold via a pay-as-you-go agreement.
Christopher Spratt, joint managing director of Tysers said: "The concept of duty deferment guarantees is not new. UK banks have offered them for some years.
"What is new is the UK importers will now have the ability to secure 'as needed' capacity from an insurer, as their American counterparts have been able to do for some time."
DutySure has been created in consultation with HMCE and international trade organisation SITPRO.
