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New advice released on Trade Credit Insurance
In response to growing concerns among members regarding challenges in obtaining trade credit insurance, the BMF has collaborated with industry stakeholders to address these issues. Working closely with the Department of Business and Trade and the Association of British Insurers, the BMF aims to provide guidance to mitigate the impact of these challenges. A recent survey conducted amongst members highlighted the importance of trade credit insurance within the construction sector, with 45% of respondents utilising this solution. The survey also
revealed a noticeable hardening of the market over the past year, with increased insolvency activity and related business uncertainties anticipated in the near future.
Despite the challenges posed by bad debts due to insolvency, nearly half of the respondents reported no reductions in credit limits. For those facing reductions, respondents acknowledged the heightened credit risk identified by insurers and took appropriate measures in response.
Insurers have shown support for clients encountering credit limit reductions, with 68% of respondents finding insurers
receptive to appeals. These insights have informed the BMF’s discussions with the ABI, resulting in the development of a guidance document tailored specifically for the construction industry. This guidance, fully endorsed by the Construction Leadership Council, aims to assist members in navigating trade credit insurance issues effectively. John Newcomb, CEO of BMF, emphasised the importance of trade credit insurance. He welcomed the new guidance, which he believes will provide valuable support to members in their interactions with trade credit insurance providers. Lucy Fraser, Senior Policy
BMF meets MPS at UK Construction Week
At last month’s UK Construction Week in London, we met two MPs who have a long history of wanting to both build more new homes and assist local SMEs. Richard Bacon, who is retiring as MP for South Norfolk at the General Election, successfully steered his Self-Build and Custom Housebuilding Act 2015 through Parliament as a Private Member’s Bill. We attended when Parliament debated his proposals - and helped with briefings for other MPs to boost his chances of success.
Above: Richard Bacon MP, Brett Amphlett (BMF), and Andrew Lewer @ UKCW
Mr Bacon enthusiastically campaigns for consumers to have better access to serviced plots of
land for (a) their own self-build projects or (b) to commission a builder to build it for them. He said: “There is huge pent-up demand from people who would like to build their own homes. But while self-build and custom housebuilding is a normal part of the landscape in many advanced countries - such as The Netherlands and Germany - there is still more to do here. Acquiring a serviced plot of land - which buyers know will get planning permission for the house they
Celebrating Excellence: BMF Honours Top 100 Young Achievers in Building Materials Sector
The Builders Merchants Federation (BMF) recently honoured the Top 100 Young Achievers in the building materials sector at a gala dinner held at the prestigious Belfry Hotel. This event, attended by over 200 industry professionals, recognised individuals under the age of 40 who have made significant
contributions to their companies and are poised to drive the industry forward in the coming years. This year’s gala dinner marked the third consecutive year of acknowledging influential figures in the building materials sector. Past events have honoured both merchants and suppliers, but this year’s celebration was the largest to
June 2024
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date and raised a record-breaking £11,000 for the charity of the year, Lighthouse Construction Industry Charity.
John Newcomb, CEO of BMF, expressed his satisfaction with the growing prominence of the Top 100, particularly highlighting the emerging young leaders who are shaping the industry’s future.
want to build - should become completely normal in the UK”. Andrew Lewer, MP for
Northampton South, is the Chair of the APPG for SME House- Builders in Parliament. He has a good record of lobbying for the customers of merchants to encourage them to keep building a few homes, in many locations, and contribute to a functioning market. Andrew kindly hosts BMF Parliamentary Receptions in the House. Our next event is pencilled in for early February 2025.
Adviser at ABI, highlighted the efforts of insurers to provide crucial support to businesses amid challenging conditions. The ABI’s Guide for Construction aims to demonstrate the significance of trade credit insurance as a lifeline for businesses and offers insights into the information insurers consider when assessing risks.
The bespoke ABI Guidance Document can be accessed at
https://www.shorturl.at/zCET2.
¡ For further details on the BMF’s member survey findings, visit https://shorturl. at/fqHMP
BMF DIARY DATES
Please check the BMF website at
www.bmf.org.uk for all the latest news and events updates in this ever-changing environment.
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