The UK Export Finance Bond Insurance Policy is now available as a freestanding product. It had previously been available only as a supplemental product to basic cover ie either a buyer credit facility, supplier credit finance facility or an export insurance policy.
The Bond Insurance Policy is provided to a UK exporter where a bank issues a bond on its behalf to an overseas buyer, or a counter-guarantee to a bank in the buyer’s country, as a condition of an export contract. Cover is provided against loss to the exporter caused by the unfair calling of the bond (or any related counter-guarantee), and the fair calling of the bond (or any related counter-guarantee) due to certain political events.
Exporters who want to know more about this product from UK Export Finance should call the customer helpline on 020 7271 8010.