An Insurance Backed Guarantee provides protection in the event your installer has ceased trading and is unable to honour the terms of their written guarantee, subject to the policy terms and conditions.
What is an insurance backed guarantee (IBG)?
An Insurance Backed Guarantee 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).
To benefit from an IBG:
- Your installation must be fully completed to your satisfaction, free from defect and you must have paid all outstanding monies directly to the Supplier named on the certificate
- You must have a contract with the Supplier named on the certificate
No cover is in place until you have received your IBG certificate. If you have not received your IBG certificate, please contact the member.
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.