Insurance Backed Guarantee or IBG
What is an Insurance Backed Guarantee (IBG)?
An Insurance Backed Guarantee (IBG) is an insurance policy that covers the original guarantee provided by an installer or contractor. Often referred to as an IBG, it provides 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. The IBG typically lasts one to ten years.
Why do I need an Insurance Backed Guarantee?
An Insurance Backed Guarantee is an effective way for a contractor to demonstrate the quality and effectiveness of their work. It creates added peace of mind for the customer who is protected in the event the contractor goes out of business in the future.
Clearly a contractor who’s work is guaranteed with insurance backing is going to stand out against the competition. IBG’s may also be stipulated by a building owner as part of a structural warranty provision requirement or at the request of a lender who is looking to safeguard their loan.
What sort of work can be covered?
Most types of work can be covered, so if the contractor has issued a written guarantee on it, then its usually possible to arrange the insurance backing. Typically IBG’s are sought for:
- Piling
- Tanking
- Roofing Works
- Drainage
- Cladding
- Damp Proofing
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