An Insurance Backed Guarantee underwrites your guarantee provided to you by the HIES member and allows you to make a claim on the policy in the event the HIES member has ceased to trade and you have an installation defect.
What is an insurance backed guarantee (IBG)?
An IBG is an insurance policy that covers the original guarantee provided by an installer. An IBG provides you with additional peace of mind that in the unlikely event the company ceases to trade, for whatever reason, you can still make a claim under the terms of the original guarantee.
Why do I need an insurance backed guarantee when the installer is already giving me a guarantee?
Contractors, large and small, cease to trade each year for a multitude of different reasons. Guarantee periods can vary from 2 years to 10 years and much can happen to any business in that time, regardless of current stature.
If your chosen installer were to cease trading you could be left with faulty goods, a guarantee of no value and a potential bill to rectify any problem.
Eliminate the risk
This risk is overcome with a bona fide Insurance Backed Guarantee.
If your installation company has registered you, via the scheme, for an Insurance Backed Guarantee, this protects the member’s own guarantee. This means that any bona fide claims under the member’s guarantee will be met by the insurers should the member cease to trade.
What to look out for
Many home improvement businesses claim to offer guarantees. It is important to see a copy of any Guarantee and IBG before placing an order and put your mind at rest that you are being offered a professional guarantee.
All HIES members can provide you with a sample guarantee for your inspection.
How does HIES protect me?
If your installation company has registered you, via the scheme, for an Insurance Backed Guarantee, this protects the member’s own guarantee. This means that any bona fide claims under the member’s guarantee will be met by the insurers should the member cease to trade. The insurance policy covers only what is written in the installation company’s guarantee (subject to the insurer’s terms & conditions).
When will you receive an IBG?
Once your contract has been completed, the HIES member will inform us of the completion date and within 7 working days we will send your Insurance Backed Guarantee Certificate. This will protect you for the term of your guarantee and allows you to make a claim on the original guarantee if the member ceases to trade.
Remember, you must check that your contract with the installation company is registered with the scheme and that you receive your documentation from the scheme. Please keep this in a safe place as you will need this to make a claim.
If you and your contract are not registered with the scheme, then no financial protection is in place either from the scheme or the insurers. If you have any questions or would like to double check you are registered please contact the scheme.
How do I make a claim?
A claim can be made simply by contacting the insurance provider directly and they will ask you to complete a claim form and submit this together with evidence of your contract with the HIES member and proof of payment.