What is an insurance backed guarantee?
Insurance Backed Guarantees, also known as IBGs are a type of insurance policy that protects clients in the event that the contractor ceases trading.
Insurance Backed Guarantees also provide customers with reassurance that the contractor’s work has met the insurers standards.
What can be covered under an Insurance Backed Guarantee cover?
The following can be covered:
- Structural works
- Roofing works
- Cladding systems
- Curtain Walling/ Glazing
- Underpinning/ piling works
- Waterproofing
- Underpinning/Piling
- Protective coatings (not decorative)
- Concrete repairs
- Refurbishment
- Repairs
- Others – Contact the Building and Land Guarantees Insurance Backed Guarantee team to find out more
Additional benefits of an Insurance Backed Guarantee
- It enables the contractor to fulfill any contractual obligations required by building owners and main contractors
- It provides vital protection and security for building owners, funders and future owners
- It can meet the requirements of Insurance Warranty providers
- Policy cover is available for up to 12 years
How can we help?
As specialists in this sector, we will be happy to guide you through the process of arranging an Insurance Backed Guarantee for you. Contact us to find out how we can help.
Article by Building and Land Guarantees
Author Paul Rose, Director of Lending at Building and Land Guarantees
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