The scheme is designed to reduce the risks posed by bad debt and delayed payments.
Specialist insurance broker Credit Risk Solutions Ltd (CRS) and underwriter Credit Indemnity & Financial Services (CIFS) have jointly developed the service with SIG.
SIG’s Director of UK Credit Management, Simon Johnson, said: “The road to recovery for the sector is going to take some time, and the finances of many construction businesses remain balanced on a knife edge.
“One late payment or unexpected charge can be the difference between survival and failure.
“For this reason we’re seeing many of our customers considering credit insurance, but struggling to find a solution that takes into account the complexities of construction financing structures.
“The service was launched to fill this gap; giving sub-contractors direct access to both competitive rates and cover plans designed specifically to recognise construction businesses’ fluid finance requirements.”
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