Guidance

UK Export Finance's Export insurance: a guide for exporters and brokers

Published 30 July 2025

1. Purpose of this guide

This guide is designed to help exporters and brokers understand the credit insurance cover provided by UK Export Finance’s Export Insurance Policy (EXIP), its benefits, and how it can be obtained and managed.

The guide contains FAQs on EXIP and explains how UKEF’s national network of Export Finance Managers (EFMs) can assist with making an application.

This guidance is not intended to be legally binding or take precedence over the wording of the EXIP policies themselves. Exporters and brokers should ensure that they carefully review the wording of any policy or potential policy in conjunction with their legal advisers as necessary.

Find an Export Finance Manager - GOV.UK

2. What is the Export Insurance Policy?

UKEF’s Export Insurance Policy is a credit insurance policy provided to UK exporters to protect them against the risks of non-payment under an export contract, of the buyer breaching its obligations leading to contract termination, and of the exporter being unable to perform the contract because of the occurrence of government action such as war or a change in the law.

2.1 Benefits for exporters

The EXIP has many benefits for exporters. The Policy:

• provides exporters with certainty of payment
• provides insurance for markets that private insurers are not able to cover
• can cover export contracts with one buyer
• can facilitate access to finance by including the name of a loss payee to whom valid claims will be paid
• has no maximum or minimum amounts that can be covered.

2.2 Benefits for brokers The benefits of introducing UKEF’s Export Insurance Policy to exporters include:

• enhancing and reinforcing a broker’s credentials as a credit insurance market specialist - demonstrating added value to clients and prospective clients in circumstances where the private market is unable to support specific export risks
• receiving a broker’s commission of 15% of the premium payable by the client to UKEF, capped at £25,000. The cost to the exporter is unaffected.

2.3 Coverage UKEF’s Export Insurance Policy protects the exporter against:

• losses incurred prior to shipment or delivery of goods, i.e. during the pre-credit period, which are caused either by an act of the buyer which terminates the insured contract or an act of government or other political event (such as war) which prevents the performance of the contract
• losses incurred as a result of non-payment by the buyer of sums due under the contract, often called “credit risk”. The waiting period, which must elapse before a claim for such losses can be considered by UKEF, may be reduced in the event of contract termination, buyer insolvency or an act of government or other political event preventing performance of the contract.

The Policy typically insures up to a maximum of 95% of any amount due under an export contract or multiple export contracts. For most consumer goods, raw materials and services the usual maximum credit period covered is six months, but where appropriate, the length of the credit period can be longer.

Contracts covered can take the form of a single document or be comprised of a written order from the buyer and written acceptance of the order by the exporter.

The Policy can cover: - a one-off contract with a single customer under which there may be one or more shipments (Single Contract Policy) - repeat contracts with one or more shipments to a single buyer over a defined period (Multiple Contract Policy) - most sectors or type of business, provided that relevant licensing requirements are fulfilled. (For more information see the Export Control Joint Unit’s website) - “Pay If Paid” cover: where the buyer has a contract for onward sale to an “end buyer,” pre-credit cover in respect of that onward contract as well as cover for non-payment by that end buyer, in each case relating to losses incurred by the exporter.

UKEF also offers a Small Export Builder version of the Multiple Contract Policy, which allows an exporter to unilaterally increase an initial credit limit of £25,000 in steps up to a maximum of £100,000, subject to conditions including the development of a positive trading history with the buyer.

UKEF’s Export Insurance Policy can also be used in conjunction with other products such as Buyer Credit and this is called a Supplementary EXIP. Supplementary cover protects the exporter if, for example, the loan provided to the borrower to pay for goods and services is withdrawn. If you are interested in this type of cover or Pay If Paid cover please speak with the underwriters dealing with the finance product.

2.4 Eligibility criteria

Exporters interested in taking out an Export Insurance Policy with UKEF must meet the following eligibility criteria: - the exporter must be carrying on business in the UK, the Isle of Man or the Channel Islands, and have an established place of business in the same - the buyer must be carrying on business overseas - the exporter must be unable to obtain export credit insurance from the private market (this does not apply to Supplementary EXIPs) - the export contract must have a minimum of 20% UK content

2.5 Currencies

The Policy can be expressed in pounds sterling, US dollars, euros or other major currencies. Premiums and claims are paid in the currency of the Policy. Please contact your local EFM for more information about currencies supported.

2.6 Eligible countries

UKEF can consider providing cover based on the buyer and the country they are located in. To find out if cover is possible, find the buyer’s country on this list of countries or speak to your EFM for more information about markets in which UKEF can support transactions. UKEF is unable to support credit insurance business with a cover period of less than 24 months in: - all EU member states - Australia - Canada - Iceland - Japan - New Zealand - Norway - Switzerland - USA

2.7 Starting point of cover

Single Contract Policies

Cover comes into effect on the date set out in the Policy, subject to the conditions stated within the Policy.

Multiple Contract Policies

The underlying Policy commences on the date set out in the Policy. Cover in respect of an individual contract comes into effect on the date specified by the exporter in a Declaration served on UKEF, subject to the conditions stated within the Policy.

For more information, see the Multiple Contract Policies section under Ongoing Management.

2.8 End point of cover

The Policy schedule sets out an end date, after which any event that gives rise to a loss will not be covered. The end date is based on the length of the insured export contract and is usually set 30 days after the date that final payment is due from the buyer.

2.9 Frequently Asked Questions

2.9.1 What is not covered?

Our EXIP does not cover transportation risks, and all Policies only cover exports to a single buyer.

2.9.2 Can the buyer be another company in the UK, in circumstances where the goods supplied to the buyer are themselves destined for export as part of a larger overall project?

No, UKEF is not able to consider cover for this structure

2.9.3 Can insurance be provided when an exporter has already shipped goods/provided services?

If goods have already been shipped or services have been already provided, exporters (or their brokers) should discuss with UKEF whether cover can be provided in advance of making any application.

2.9.4 Can the exporter be owned by a non-UK company with a UK operation?

Yes, provided that the exporter is carrying on business in the UK, Isle of Man or Channel Islands and has an established business location there. Foreign ownership or foreign shareholding is not a barrier to eligibility.

2.9.5 Can the Policy cover a situation where the goods are going to, or payment coming from, a country other than the buyer’s country?

Yes. UKEF will consider each case and full details of the transaction should be given with the online application.

2.9.6 Can the Policy cover sales made to a subsidiary of my company which is operating in an overseas market, or sales made by that subsidiary in the market?

UKEF can only consider cover for sales made to the overseas subsidiary of a UK company where financial losses have been incurred as a result of the occurrence of a political risk. Loss resulting from commercial risks would be excluded. UKEF is unable to insure sales made by the overseas subsidiary as policies can only be issued in respect of exports from the UK. However, where the UK exporter has a contract with its overseas subsidiary on a “pay if paid” (by the subsidiary’s overseas end-buyer) basis, UKEF can cover the risk of loss to the UK exporter arising from non-payment by the overseas end-buyer to the overseas subsidiary.

2.9.7 Under the export contract, some goods and services are being supplied from outside the UK. Is this eligible for support?

UKEF can support supplies under the export contract that are sourced from an overseas country and shipped directly to the buyer. However, a minimum of 20% of the export contract’s value must consist of UK content. Foreign content imported into the UK and used as part of the manufacturing process is treated as UK content.

Learn more about UKEF’s approach to foreign content.

3. Application process

If cover is unavailable in the private market, UKEF is happy to receive EXIP enquiries from an exporter or an eligible broker. However, only exporters can make applications.

Approved list of brokers

See the full list of approved brokers. If you wish to register to become a broker, please contact us at exipunderwriting@ukexportfinance.gov.uk

If an exporter or broker is interested in informally discussing potential support, they can contact their local UKEF Export Finance Manager for early stage guidance.

3.1 Non-Binding Indication – an early indication of support and pricing, without assessment of buyer

A request can be made for a non-binding indication of support and the indicative cost for a specific market, by filling out a short form containing information about the buyer, market and the required length of cover. UKEF will then outline its appetite to issue cover and give an indication of a premium rate, usually within 48 hours.

Alternatively, exporters can use the online get a quote tool to receive an instant, non-binding quote. Exporters can use this service if their buyer is in the private sector and the length of cover needed is less than 22 months for a Single Contract Policy, or less than 12 months for a Multiple Contract Policy. If longer cover is required or the buyer is in the public sector, exporters should instead use the Non-Binding Indication Request Form.

These quote tools do not include an assessment of the buyer and so any quotes given are non-binding and do not indicate that UKEF will approve your application. There is no cost to apply. The premium is determined on a case-by-case basis and there is no minimum premium for the exporter to pay

3.2 Online application

To take things further, the exporter should complete an EXIP application in the online Application Portal on GOV.UK. A complete list of the information and documentation required to complete the application is available at How to apply for UKEF’s Export Insurance Policy. The completed application will be automatically sent to UKEF for review. Only exporters can complete the online application.

Exporters who would like to use the Small Export Buildershould apply for the EXIP in the same way and will be notified by UKEF if they meet the eligibility criteria.

The exporter should provide a fair presentation of the credit risk, including all material facts and circumstances. The more information that the exporter can provide, particularly on the buyer and any trading history between them, the quicker and more straightforward UKEF’s risk assessment and underwriting process is likely to be.

3.3 Risk assessment

UKEF will check the eligibility criteria, the availability of cover for the market, and undertake background research on the buyer, using this to assess whether it has the appetite to provide insurance on the terms outlined in the application.

Typically, this assessment and other background checks can take up to two weeks to complete for a straightforward case. During this period, UKEF aims to work closely with the exporter or, if applicable, the broker, communicating where gaps in information may exist and encouraging these to be filled in where possible.

3.4 Buyer risk assessments

UKEF undertakes its own assessments of buyer risk. Providing trading history and financial information about the buyer (such as accounts) will speed up the process.

The same trade credit underwriting factors used in the commercial insurance market are considered, such as the exporter’s experience, and the buyer’s sector and financial performance.

3.5 Accepting the offer

UKEF will complete the underwriting process and, assuming the risk is acceptable, send the exporter (and broker, if appropriate) an official offer of cover, with a full Policy document and a Schedule specifying the premium rate to be applied. If the exporter is eligible for a Small Export Builder, the offer will also include an Endorsement to the Policy to reflect this. The broker (if involved) will go through this document with the exporter, discussing all the relevant implications and requirements. Alternatively, exporters can get in touch with UKEF at exipunderwriting@ukexportfinance.gov.uk if they have any questions.

If the exporter is happy to accept the offer, they should sign the Policy where indicated and return it to UKEF (either directly or if applicable via their broker). If the exporter wishes to and is eligible to take out a Small Export Builder Policy, they will also need to sign and return the Endorsement. UKEF will then countersign the Policy.

For a Single Contract Policy, once any conditions set out in the Policy are satisfied, cover will commence on the Start Date specified in that Policy.

Once these steps have been taken in respect of a Multiple Contract Policy, the exporter will be eligible to complete and submit Declarations to UKEF in respect of contracts they wish to insure under that Policy.

3.6 Payment of premium

Single Contract Policies

In the case of Single Contract Policies, the exporter should usually pay the premium within 14 business days of the Policy start date.

Multiple Contract Policies

The Multiple Contract Policy is designed to cover repeat business with the same buyer, typically over a period of 12 months.

For Multiple Contract Policies, the exporter should declare each contract to UKEF separately and calculate for themselves the premium due, by referring to the premium rate on the Policy schedule. Payment should usually be within 14 business days of the date of each Declaration. The premium must be paid before the goods are despatched or the services are performed.

3.7 What happens if the application is rejected?

In such cases, UKEF will inform the exporter or broker as soon as practical and give reasons where possible. UKEF can be asked to reconsider a declined application.

3.8 How long does it take UKEF to assess the application?

UKEF can usually provide an initial non-binding indication of support and an estimation of cost, without buyer assessment, instantly through the online get a quote tool, or within 48 hours if a Non-binding Indication Request Form is submitted.

A full Export Insurance Policy application, from start to finish, typically takes up to two weeks to process, but much depends on how quickly UKEF can obtain enough information about the buyer in order to make an assessment.

3.9 The exporter uses an agent. Does this matter?

UKEF performs due diligence on all the parties to the transaction, including any agent involved.

UKEF is committed to deterring bribery and corruption, and safeguarding taxpayer funds by taking all precautions that are reasonable and proportionate in the circumstances to avoid loss through becoming involved in export transactions connected with bribery (or other financial crime). UKEF undertakes rigorous due diligence including checks against financial crime, bribery and corruption, prior to any support being provided.

The level of due diligence undertaken on transactions will be informed by the specific circumstances of each transaction and the level of inherent risk posed by factors such as the sector and the use of an agent, and the jurisdictions concerned. This will ensure that the due diligence is reasonable and proportionate to the circumstances of each transaction.

UKEF requires all applicants to complete an online application, which includes making declarations in respect of the award of the export contract(s) and financing in relation to financial crime. Applicants must also declare whether an agent has acted in relation to the export contract or any related agreement when seeking support. Where an agent is involved in a transaction, UKEF may be required to undertake additional checks, which can lengthen the response time.

4. Ongoing management

4.1 All policies

Once the Policy has been signed and the insurance cover is in place, the Policy holder should make themselves aware of their ongoing requirements and responsibilities.

The Export Insurance Policy does not renew automatically. At the end of the Policy period if further cover is required, and still unavailable in the private market, the exporter can make a fresh application.

An exporter insured under the Policy also has the following responsibilities: - to comply with the terms of the insured export contract, including obtaining necessary consents and approvals for its performance - to ensure UKEF receives a fair presentation of the risk - to take all possible steps to prevent or minimise any loss, chasing up debt whenever possible - not to take any action that jeopardises the exporter’s right to be paid, or UKEF’s right to recover money in the event of a loss - to provide any information that UKEF might request regarding the export contract

The exporter must notify UKEF: - of any matter which indicates that the buyer may not pay an insured debt (within 15 business days of becoming aware) - of any failure of the buyer to pay an insured debt under the insured export contract within 30 days of the due date - f it is likely to request any increase to the period of cover Failure to notify UKEF as stated may affect the validity of the cover. If in doubt as to whether a change in circumstance may affect the Policy – always notify. UKEF can be contacted via exipunderwriting@ukexportfinance.gov.uk.

The following is good practice when operating a credit insurance policy: - nominate an individual in the company to be responsible for operating the credit insurance policy and ensure all those involved are aware of its existence and main requirements - keep a record of due dates of payment and maintain trading experience with the buyer in a format which can be easily retrieved • keep all contract and transaction documents, particularly purchase orders and acceptances, invoices, bills of lading and delivery notes - keep all correspondence with the buyer, including any evidence of debt chasing, as this may be required to support a claim

4.2 Multiple Contract Policies

If an exporter has a Multiple Contract Policy covering repeat business with a buyer for a period of time, the Policy will specify an eligibility period; this is typically 12 months. During this period, the exporter should notify UKEF of each contract to be insured as and when cover is needed by completing a Declaration. The form to do this can be found at the back of the Multiple Contract Policy. It should then be sent to stb.pim@ukexportfinance.gov.uk.

The purpose of the Declaration is to provide details of the contract, make the appropriate warranties and calculate the premium to be paid before the goods are despatched or services are performed.

Receipt of the Declaration and premium payment within the time set out in the Policy are conditions of UKEF providing cover for a particular contract.

No contract may be brought on cover under a Multiple Contract Policy while any amount under any other contract between the exporter and the buyer is overdue by more than 30 business days. Goods despatched or services performed under further contracts in these circumstances will be at the exporter’s own risk.

The eligibility period can be amended if the exporter and UKEF agree.

Exporters with a Small Export Builder Multiple Contract Policy will also need to use the Declaration if they wish to increase their permitted credit limit. An exporter will be able to declare an increase in their permitted credit limit by 50% of their existing credit limit if certain trading experience conditions, as set out in the Small Export Builder Endorsement, are met in addition to the usual conditions of cover set out in the Policy. Increases are subject to an overall maximum credit limit of £100,000. The table below sets out the potential permitted credit limits. There is no requirement to obtain UKEF approval for each increase.

Permitted Credit Limit under the Small Export Builder Multiple Contract Policy:

Initial Credit Limit	£25,000
Permitted Credit Limit following first increase	£37,500
Permitted Credit Limit following second increase	£56,250
Permitted Credit Limit following third increase	£84,375
Permitted Credit Limit following fourth and final increase	£100,000 (Maximum Credit Limit

The trading experience conditions are as follows.

For the first increase:

1) The exporter must first take out £25,000 of cover under the Policy, in respect of one or more contract(s).

2) The buyer must pay the exporter that £25,000 within 30 business days of the relevant due date(s)

3) In a subsequent Declaration, the exporter may increase the permitted credit limit to £37,500 and insure contracts up to the new amount.

For the next increase, the exporter must take out £37,500 of cover and the buyer must pay the exporter that £37,500 within 30 business days of the relevant due date(s). The exporter can then, in a subsequent Declaration, increase the permitted credit limit to £56,250 and insure contracts up to that amount.

The next increase will work in the same way, increasing the permitted credit limit to £84,375.

The final increase will work in the same way but will be capped at £100,000. Note that the export contract(s) may have values which are greater than the insured amounts.

4.3 Does the exporter need to insure the full value of a transaction with UKEF?

The exporter is not obliged to insure the entire value of the contract(s) with the buyer with UKEF.

The exporter may therefore have a larger total amount outstanding for payment than is insured under the Policy.

The exporter should bear in mind the Multiple Contract Policy recognises that amounts may be appropriated by the buyer to specific invoices. Unappropriated amounts are allocated against insured contracts in priority to other outstanding debts.

UKEF will never pay out more than the Maximum Liability stated in the Policy.

Our Export Insurance Policy can be amended during the Policy period, if UKEF agrees. You can discuss this with your EFM, with underwriters at exipunderwriting@ukexportfinance.gov.uk or if you have one, your broker.

5. Fees, premiums and excesses

There is no charge to make an application.

The Export Insurance Policy premium is determined on a case-by-case basis and there is no minimum premium for the exporter to pay.

The market, the length of time UKEF is on cover for, and the status of the buyer are all factors which influence the premium rate.

Our Policy does not contain excesses or deductibles, however, UKEF does expect the exporter to take some share of the financial risk of non-payment. UKEF achieves this by typically specifying an insured percentage of up to 95% of the insured contract value, leaving the balance to be borne by the exporter.

5.1 How much brokerage commission does UKEF pay, and at what point?

Brokerage is paid when UKEF has received the correct amount of premium due from the exporter. UKEF does not pay fees for introductions. Brokerage commission of 15% is paid for brokering services provided to the exporter including advice and guidance on the credit insurance market and UKEF’s Export Insurance Policy, plus continuing support during the life of the Policy. The cost to the exporter is unaffected.

6. Potential losses, claims and recoveries

6.1 Overdue payments

UKEF recognises that sometimes buyers pay late. The Export Insurance Policy requires UKEF to be notified about an overdue payment within 30 days (or as otherwise set out) of the due date of payment being missed.

The Policy requires exporters to submit invoices to the buyer in a timely manner, typically within 30 business days of the date on which they are entitled to do so.

6.2 Potential losses

If the exporter becomes aware of any event likely to cause loss, they should notify UKEF as soon as possible and in any case within 15 business days. UKEF can be notified via exipunderwriting@ukexportfinance.gov.uk.

6.3 Making a claim

For UKEF to be able to reimburse an exporter in the event of non-payment from the overseas buyer, there must be a valid claim.

The exporter may submit a claim at any time: - for losses arising from non-payment of an insured debt under the insured export contract that has remained unpaid for the period specified in the Policy (typically six months) during the “credit period” - for costs incurred under the insured export contract, before the goods or services are supplied, if the contract is terminated or an act of government frustrating the exporter’s performance occurs during the “pre-credit” period.

Unless UKEF agrees otherwise, the exporter would need to obtain at their own expense an arbitration award or court judgment in their favour to support a claim where: - a dispute exists concerning the buyer’s obligation to pay an insured debt due - the buyer’s breach of its obligations under the insured contract has led to the contract being terminated

Requests for claim forms, and completed forms, should be sent to stb.pim@ukexportfinance.gov.uk.

Claims submitted later than 12 months after the end date given in the Policy schedule will not be accepted other than where the exporter is required to obtain an arbitration award or court judgment. In such cases, claims must be submitted no later than 12 months after the relevant award or judgment.

6.4 Managing the claim process

The exporter should make every effort to pursue the debt and minimise the loss but if it becomes clear that payment will not be forthcoming, a claim can be made. This is available from, and should be returned to, stb.pim@ukexportfinance.gov.uk.

6.5 Insuring future contracts

Under a Single Contract Policy, cover for the contract remains in place irrespective of late payment, but the exporter is under an obligation to prevent or minimise loss and take such steps as are required by UKEF at that time.

Under a Multiple Contract Policy, UKEF will not insure further contracts where any amount is overdue under any contract between the exporter and the buyer (whether insured or not) for a period of more than 30 business days. .

6.6 Paying a claim

Once a claim is received, UKEF will examine it, asking the exporter questions or for further information to build a complete picture. On acceptance of a valid claim, UKEF will pay the exporter the insured percentage of loss, up to the Maximum Liability stated in the Policy document.

For non-payment claims which have arisen during the credit period, the earliest point at which a claim can be paid is specified in the Policy and is typically six months after the due date of payment by the buyer. This waiting period may be reduced if the exporter can provide evidence of the insolvency of the buyer, the occurrence of an act of government or other political event preventing performance of the contract, or of contract termination due to the buyer breaching the contract. The evidence must be satisfactory to UKEF. The terms of cover that UKEF offers for very difficult markets may require a longer waiting period than six months to allow more time for payments to be made.

6.7 Recoveries

Under the Multiple Contract Policy, before a claim is paid UKEF recognises that amounts may be allocated by the buyer to specific invoices. Unallocated amounts go towards reducing any potential claim under an insured contract.

After a claim has been paid, any recoveries of outstanding debt will be shared between UKEF and the exporter. UKEF will receive the insured percentage of a recovery (e.g. 95%) and the exporter will receive the remainder.

UKEF will reimburse the insured percentage of any reasonable expenses which the exporter has incurred in acting to minimise any loss at the direction of UKEF, if those expenses are agreed in writing in advance.

7. Renewals and withdrawal of Policy

7.1 What if cover is still required at the end of the eligibility period under a Multiple Contract Policy?

If cover is still unavailable in the private market, the exporter can apply for a new Policy.

7.2 When would UKEF withdraw cover/its limit?

For Single Contract Policies, cover will not be withdrawn once commenced and the premium is paid (other than in the event of fraud or corrupt activity on the part of the exporter).

Multiple Contract Policies have an eligibility period, usually of 12 months, during which new contracts can be declared and, subject to meeting relevant conditions as set out in the Policy, become insured under the Policy. UKEF will not withdraw cover for contracts which have become insured (other than in the event of fraud or corrupt activity on the part of the exporter)