An Insurance Backed Guarantee (IBG) underwrites a company’s guarantee which is usually for defective workmanship and/or defective materials. This means that both the deposit received and the contractors’ guarantee can be protected for their customers in the event that the contractor becomes subject to an insolvency event, such as liquidation or bankruptcy. An IBG can cover for up to 12 years where required and can cover almost any kind of work. However, typical periods are usually 6 – 10 years and the type of work protected can include glazing, flooring, roofing and general home Improvements.
Studies show that a customer is much more likely to appoint a contractor who provide an IBG and it isn't uncommon for a contractor to be contractually required to provide an IBG for a property developer. A funder or a lender may also require a developer to ensure all their contractors provide IBG’s. Your Latent Defect Provider may also insist that an IBG is put in place by contractors performing work on your property.
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