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What is an Insurance Backed Guarantee?

 

What is Deposit Protection

Essentially when a deposit is collected the installing contractor should notify us of this and we will provide the homeowner with deposit protection insurance which is intended to put your customer back in the same financial position as they were should the installing contractor cease to trade before the installation is started/completed.

What is an Insurance Backed Guarantee

An insurance backed guarantee provides valuable consumer protection for homeowners and increases customers confidence that the installer is reliable and trustworthy.

Although a workmanship guarantee sets out the installing contractors obligation to rectify defects in the installation carried out, unfortunately this does not guarantee that they will always be around.

The purpose of an insurance backed guarantee is to honour the terms of the installing contractor's own guarantee, where unfortunately the installing contractor has ceased to trade and is therefore unable to satisfy remedial claims made against their workmanship guarantee.

Should a homeowner find themselves in this unfortunate situation, they can claim against the insurance backed guarantee should there be a defect with the workmanship and the installing contractor has ceased to trade.

We have created a short video which briefly explains the purpose of an insurance backed guarantee, for more information please watch below;