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Trade credit insurance top-up scheme
Up to December 2009, eligible businesses could purchase additional 'top-up' credit insurance cover under the government's Trade Credit Insurance Top-up scheme (TCITS). The scheme was a short-term measure to provide real help to businesses, in the current economic climate, whose credit insurance cover had been reduced by their provider.
The scheme was updated in August 2009 and the premium for purchases of 'top-up' cover under the scheme was reduced to 1 per cent of the value of the cover. The following changes were also made:
- The minimum threshold of £20,000 for purchases of 'top-up' cover was removed.
- The upper limit was raised to £2 million.
- Eligibility for the scheme was backdated to include those companies who had their credit limits reduced on or after 1 October 2008.
- Up to 28 days' retrospective cover could be purchased in circumstances where a business required continuity of cover from a partial reduction made by insurers in the previous 28 days.
The TCITS was open to eligible businesses trading in the UK, with a trade credit insurance whole-turnover policy. If a business’ credit limit was reduced then they could purchase top-up cover via their existing credit insurance provider, who administered the scheme on the government's behalf.
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Credit Insurance Underwriters 
