Insurance Backed Guarantees
An Insurance Backed Guarantee (IBG) is a guarantee given by a contractor to provide cover for the employer or property owner in case the contractor has ceased trading at the time a defect or issue with the work arises.
Contractors can offer their own guarantees, but if the contractor was to go out of business then their guarantee would be worthless. An Insurance Backed Guarantee means the insurer will honour the contractors guarantee for the remainder the guarantee period.
As well as providing peace of mind to your customers an Insurance Backed Guarantee demonstrates confidence in your workmanship and materials and can set you apart from your competitors.
The many benefits of an IBG include:
- Almost any kind of work can be covered under an Insurance Backed Guarantee
- Enables the contractor to fulfil requirements made by building owners and main contractors
- Enables the contractor to submit and win tenders on contracts where an Insurance Backed Guarantee is a requirement
- Demonstrates the fact that the contractor has satisfied insurers as to the quality and reliability of their work, as well as their track record
- Provides vital protection and security for the building owner / funder
- Cover can be arranged from 1 to 12 years
As noted above an IBG can be arranged for almost any type of work but the main areas that often will require some form of IBG
- Residential & Commercial Refurbishment
- Roofing (some Warranty providers will exclude Flat Roofs without a 10 Year IBG)
- Loft conversions
- Major Structural repairs
- Solar panels
- Commercial Glazing
- Structural Waterproofing
PMJ Risk Solutions experienced team are on hand to assist you with any enquiry so please get in touch to discuss your requirements.
At PMJ Risk Solutions we are ready to assist with all your Insurance Backed Guarantee needs
Get In Touch
Please don’t hesitate to contact the PMJ Risk Solutions team to discuss any of your insurance needs.