§ Mr. Levyasked the President of the Board of Trade whether the Export Credits Guarantee Department propose to extend the range of facilities for export trade?
§ Sir A. DuncanYes, Sir. In order to enable exporters to quote a firm c.i.f. price some months ahead of delivery the Export Credits Guarantee Department have introduced a new facility in the form of a policy whereby the exporter may insure for a future period of as much as six months against any rise in marine insurance, Government war risk insurance and freight rates affecting a given contract. The policy will be available at a moderate rate of premium based upon the estimated amount of freight and insurance included m the exporter's price. The Department's guarantees at present available to exporters cover the major risks affecting export trade in war time, including pre-shipment risks. This cover is given by three separate or interlinked policies dealing with pre-shipment, solvency and transfer risks respectively. Exporters have expressed a desire for a single simple form of policy which would afford the exporter full protection against these risks, and certain other war risks not otherwise insurable, from the time of booking an order until receipt of payment for the goods. Such a policy will be available this week It will not supersede existing facilities but will be an alternative policy assuring to the exporter 90 per cent, of loss resulting from pre-shipment, transfer and certain war risks 627W otherwise uninsurable, such as frustrated voyage, and raising the proportion of solvency cover hitherto available from 75 per cent, to 85 per cent.