Manage your UKEF export insurance policy
How to pay, how to claim, renew a policy and changes you need to report.
This guide is for exporters who have a live UKEF export 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
BIC/SWIFT: MIDLGB22
IBAN: GB52 MIDL 4002 5031 4118 45
Quote your policy reference number
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.
Check your policy wording for what counts as a claimable event.
Before you claim, you must have taken all practical steps to prevent or minimise your loss.
UKEF cannot accept claims submitted more than 12 months after the end date stated in your policy.
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.