Read end-to-end by a FundingAtlas editor against the official source.
Quick answer
A UK Export Finance insurance product, not a grant. EXIP covers a UK exporter against the risk of non-payment on a specific export contract when the private credit insurance market will not. Useful when you have a real signed (or near-signed) export contract to a buyer or country private insurers refuse to cover, and losing the contract because you cannot get cover would be material. Not a working-capital tool and not appropriate for routine, low-risk export trade.
Funding amount
Varies
Region
United Kingdom
Stage
Any stage
Provider
UK Export Finance
Advisor view
**What underwriters are looking for** EXIP is reactive: UKEF underwrites the specific contract, buyer, and country in front of them. The assessment focuses on (a) why the private market declined or partially declined, (b) the credit quality of the buyer or guarantor, (c) the realism of the contract terms (credit period, currency, milestones), and (d) the exporter's ability to perform. EXIP is not a substitute for poor commercial diligence — UKEF expects you to have done buyer KYC, sanctions screening, and contract review. **Preparation before applying** Approach an EXIP-accredited broker first. Brokers handle most EXIP cases and will package the application: contract, buyer financials, payment terms, evidence of declined or partial private cover, sanctions check, and the exporter's track record. A direct UKEF approach is possible but the broker route is usually faster. **Pricing and timing** EXIP is paid for via premium, not free cover. Pricing reflects buyer risk, country, tenor, and percentage cover. For straightforward cases brokers can often turn a quote in 2–4 weeks; complex or high-risk cases take longer and may require additional information or a country exception. Allow time before contract signature, not after.
Frequently asked questions
- Who is Export Insurance Policy really for?
- It works best for organisations that already meet the eligibility test on paper and have the operational maturity to deliver — not for businesses hoping the application will force them to formalise.
- What are the most common reasons applications are rejected?
- Weak evidence, eligibility misses, and applications that read as business as usual rather than the specific intent of the scheme. Most rejections are avoidable with earlier preparation.
- Can early-stage startups apply?
- Sometimes — but the strongest applicants usually have at least minimum trading history, a defined plan and the team to deliver. If you are pre-revenue with no plan, expect to be too early.
- How competitive is it?
- Demand routinely outstrips supply for the high-profile UK programmes. Treat any competitive call as a serious bid that needs four to six weeks of preparation, not a weekend.
- What should I prepare before I apply?
- A short written summary of what you are doing and why it qualifies, your latest accounts or forecasts, and any partner or evidence the scheme expects. Get adviser sign-off before submission.
- What happens after a successful application?
- Expect monitoring, reporting and milestone evidence. Plan the reporting cadence and internal owner before the funding lands, not afterwards.
Who it's for
UK-registered exporters with a specific export contract (or firm pipeline) where the buyer or destination market is uninsurable in the private market — typically because of buyer concentration, sovereign risk, sanctions-adjacent geography, or long credit terms. Particularly relevant for capital goods, engineering services, and project exports where a single contract loss would meaningfully damage the business.
Probably not for you if…
Exporters whose buyers are easily insurable in the private market (a broker should be your first call — UKEF only steps in where the private market will not), traders selling to low-risk OECD buyers on short payment terms, businesses without a specific contract or LOI to insure, and any business pursuing markets blocked by UK sanctions or UKEF's own country cover policy.
Usually too early when
Advisor signal
You do not yet have a buyer identified, the contract value or payment terms are still moving, you have not approached the private credit insurance market first, the buyer is fully insurable commercially, or the export sits in a sector or country UKEF currently does not cover. EXIP fits a specific contract — speculative pipeline cover is not what it is for.
Eligibility
UK-registered exporters with a specific export contract. Subject to UKEF underwriting and country cover.
Evidence you'll need
Export contract details, buyer information, country of destination.
Application timeline
Engage broker → broker submits buyer and contract information to UKEF → UKEF underwriting (typically 2–6 weeks; complex or high-risk cases longer) → premium quoted → premium paid and policy bound, usually before contract signature so the cover position is known when the exporter commits.
Common reasons applications fail
Apply only after the contract is signed and the buyer has already gone bad — UKEF is forward-looking cover, not retrospective. No broker engagement, leaving UKEF to triage a poorly-packaged application. No documented attempt at the private market, so UKEF cannot justify stepping in. Buyer or end-user that triggers a sanctions or UK foreign policy concern, which is a hard stop regardless of commercial merit. Contract terms (very long tenor, unusual currency, off-balance-sheet structure) that put the deal outside UKEF's normal risk appetite without a clear justification.
What improves your odds
Clear evidence the private credit insurance market has declined or only partially covered the risk (broker confirmation in writing). A creditworthy buyer or buyer-side guarantor, ideally with audited financials. Realistic payment terms in a major currency. A contract with milestone or staged delivery rather than back-loaded payment. Clean sanctions screening on buyer, end-user, and shipment route. A broker who has placed EXIP before — they know the format UKEF expects.
Typical successful applicant
A UK SME or mid-cap manufacturer or engineering services firm with a signed or near-signed export contract worth six to seven figures into a market the private insurance market treats as high risk (often emerging markets, post-conflict economies, or buyers with limited public credit data), where losing the contract for lack of cover would force the exporter to walk away.
Common misconceptions
EXIP is not a grant and not a loan — it is paid-for insurance. It does not provide working capital (that is UKEF's Export Working Capital Scheme or the General Export Facility). It does not cover disputes — only buyer default and certain political risks. It does not replace contract due diligence: UKEF will not bail out a deal that should not have been done. And EXIP cover does not automatically unlock bank financing — that is a separate conversation with a UKEF-supported lender.
What happens next
Policy is bound on payment of premium. The exporter performs the contract; if the buyer defaults under the policy terms (typically protracted default after a waiting period, or insolvency), the exporter notifies UKEF and submits a claim with supporting evidence. UKEF investigates, applies the cover percentage to the insured loss, and pays — then takes over recovery from the buyer.
What comes next
Exporters that use EXIP once often build a UKEF relationship: a successful EXIP on one contract makes a General Export Facility or Export Working Capital Scheme conversation easier, and vice versa. As the export book grows, a credit insurance broker will typically place the easier risks privately and bring only the hard cases back to UKEF — which is the intended division of labour.
Funding context
EXIP sits inside UKEF's broader exporter toolkit alongside the General Export Facility (working capital), Export Working Capital Scheme (contract-specific working capital), and Bond Support Scheme (performance bonds). EXIP is the risk-transfer tool; the others are financing tools. Many exporters end up using more than one. The private credit insurance market is the default — UKEF intentionally fills the gap above it, not below it, and brokers are the practical entry point for almost every case.
Related routes
Industries
Objectives
Regions