the FSA’s Supervision manual

A credit insurance term to describe an insurance against loss due to the insolvency of a supplier.
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Credit insurance cover against consequential loss arising from the insolvency of a supplier.

Business interruption policy that protects the insured against loss of gross profit following damage by an insured peril at the premises of a supplier, named or unnamed. Cover is expressed as a percentage of the gross profit to reflect the significance of the supplier(s).

Any goods supplied under contracts govern by the Act must conform to the implied terms stated in the Sale of Goods Act 1979. In addition any service provided must be carried out: (a) with reasonable skill and care; (b) for a reasonable price (unless a price has been agreed); (c) within a reasonable time (unless time is made of the essence, i.e. a date has been agreed at the time of making the contract).