Insurance Backed Guarantee
The IBG is designed to offer homeowners peace of mind, ensuring that even if their contractor goes out of business, they are not left bearing the financial burden of correcting any issues stemming from poor workmanship or substandard materials. The 10-year coverage period provides long-term security for various types of building projects, assuring property owners that their investment is protected against latent defects that may surface long after the work has been completed.
In addition, the 6-year protection against Building Regulations breaches ensures compliance and safety standards are maintained. Building Regulations are critical for ensuring the safety, energy efficiency, and accessibility of buildings, and non-compliance can lead to significant problems and expenses. The IBG ensures that any necessary rectifications due to breaches in these regulations are covered, provided the original contractor is no longer able to fulfill their responsibilities.
Overall, the IBG serves as a robust safety net, safeguarding property owners from potential financial losses and providing continuity of protection in the face of unforeseen contractor insolvency. This guarantee underscores the importance of both quality workmanship and regulatory compliance, offering comprehensive protection and peace of mind to property owners.
What We Cover
Faulty Worksmanship
The cost of rectifying defective workmanship and/or faulty materials in the original installation at the insured location, if the contractor has ceased trading and cannot honor their written guarantee.
Deposit Protection
If selected, the deposit paid up to a maximum of 33.33% of the contract price, or £12,500 whichever is the lesser, and for a period of 120 days from the date of payment of the deposit should the contractor cease to trade prior to the commencement of the insured works.
Fulfilment Of Work
If selected, the remaining cost of fulfilment of the work in progress up to a maximum of 33.33% of the contract price, or £12,500 whichever is the lesser, should the contractor cease to trade within 42 days or 90 days, depending on contract value, of the commencement of the insured works.
Want to learn more?
If you would like to find out more about how to sell our insurance backed guarantee product then contact our team below. We can work with you to create policies that provide further protection for your clients.
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