Manage your UKEF Credit insurance policy (2024)

This guide is for exporters who have a live UKEF credit insurance policy, or have been offered a policy.

This information may also be useful for the exporter’s broker.

When to pay

Single contract policies

You should pay the premium shown on the schedule at the same time you accept the policy.

Multiple contract policies

These cover repeat business with the same buyer, usually over 12 months.

You must:

declare each new export sale to UKEF separately
calculate the premium due by checking the premium rate on your policy schedule

You must pay:

within 14 days of each new declaration
before the goods are dispatched or the services carried out

UKEF does not send out invoices asking for payment.

How to pay

You can pay for your policy in pounds sterling, euros or US dollars.

Pound sterling

Account number: 31411845

Sort code: 40-02-50

Account name: Export Credits Guarantee Department

Bank: HSBC

Euro

Account number: 68824069

Sort code: 40-05-15

Account name: Export Credits Guarantee Department

HSBC

BIC/SWIFT: MIDLGB22

IBAN: GB88 MIDL 4005 1568 8240 69

Quote your policy reference number

US Dollar

Account number: 000142794

Account name: Export Credits Guarantee Department

SWIFT address: MRMDUS33

Federal Reserve routing number: 021001088

Bank name and address: HSBC Bank USA 452 Fifth Avenue New York, NY 10005

Quote your policy reference number

How to make a claim

You can submit a claim for money owed to you, as long as a claimable event has taken place.

Claims for non-payment

You can submit a claim for non-payment of an amount due under the insured export contract, if it’s remained unpaid for a period of 6 months.

You should tell UKEF if you intend to make a claim, as soon as possible. Do not wait 6 months to get in touch about this.

Claims for losses during the pre-credit period

You can submit a claim for costs incurred under the export contract before the goods or services are supplied, if either:

the buyer terminates the contract during the pre-credit period and is at fault, proven by a court judgment if necessary
a political risk occurs during the pre-credit period

This only applies if pre-credit cover is included in your policy.

How to get a claim form

If you cannot recover what you’re owed, you can get a claim form by emailing stb.pim@ukexportfinance.gov.uk.

Excess fees

You do not pay any excess when making a claim on your insurance.

If you have an unresolved dispute with your buyer

Before you can claim, you may need an arbitration award or court judgment in your favour if there’s a dispute between you and the buyer.

An arbitration award or court judgment may reduce the waiting period of 6 months. And if so, you may be able to claim earlier.

Changes you need to report

You must tell UKEF if:

you make changes to your export contract, such as changing the goods supplied or new payment terms
you become aware the buyer is not going to pay - you must tell UKEF within 15 days of becoming aware
the buyer fails to pay within 30 days of a due date
there are changes to information you gave in your application, which would now make you ineligible.

If you do not tell UKEF about these changes, it may invalidate your insurance.

You may need written consent from UKEF if you’re making changes to the export contract or deal.

Tell UKEF about changes by emailing: exipunderwriting@ukexportfinance.gov.uk

If you’re not sure if you need to tell UKEF about a certain change, you can check using the same email address.

How to declare a new export contract under a multiple contract policy

If you have a multiple contract policy, this will cover you for repeat exports to the same buyer, for up to 12 months.
You must declare each new export contract before you make the shipment.

Complete a declaration form. You’ll find this form at the back of your multiple contract policy.

Email this to: stb.pim@ukexportfinance.gov.uk.

Amending your policy

You can request changes to your policy during the period of cover. For example, you can ask UKEF to increase your insured amount.

Email: stb.pim@ukexportfinance.gov.uk if you want to talk about amending your policy.

How to renew

The insurance does not automatically renew.

If you need further cover and still cannot get this from the private sector, you’ll need to make a new application.

This is because underwriters need to assess the latest risks around your buyer and the export.

How to end your policy

There’s no penalty if you no longer want to insure your export but it’s good practice to tell UKEF by emailing stb.pim@ukexportfinance.gov.uk.

If you no longer want to use a multiple contract policy, you should also stop declaring new export sales or contracts.

You cannot get a refund on any premiums you’ve already paid.

Help and support

You can get help from export finance managers if you have questions about using your policy.

Find your nearest export finance manager.

If you used a broker to apply for your policy, they can also help and advise you during the lifetime of your policy.

Published 7 September 2022

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