Welcome to the world of construction guarantees
As a member of the Structural Repairs Association your Contractor may be eligible to join the CGS guarantee scheme: This is the number one warranty backup scheme in the industry, giving access to guarantee protection insurance.
Construction Guarantee Solutions Ltd. offer 10 year insurance-backed guarantees for structural repair work. Please contact us for further information
Choosing a contractor purely on the basis of the cheapest quotation and the length of their own guarantees may not be your best option. Can your contractor provide you with assurances that their own guarantee will be honoured by a reputable UK based insurance company in the event that they cease trading?
If gambling with your house is not your thing and you prefer competence over cowboys, then choose a CGS Approved Contractor. CGS Approved Contractors offer Insurance Backed Guarantees from Guarantee Protection Insurance Limited; a UK based insurer which is regulated by the Financial Conduct Authority and the Prudential Regulation Authority, thereby providing the gold standard in consumer protection in terms of the strength of cover and extent of redress and recourse provided.
What do insurance backed guarantees do for you?
No contractor – no matter how reputable – can give assurances that they will always be around to honour the terms of their own written guarantee. An Insurance Backed Guarantee is a low-cost insurance product which is designed to protect property owners against defects which would normally be covered by the contractor’s own written guarantee in instances where the contractor cannot rectify those defects as a result of having ceased to trade. The premium is payable in a single one-off payment and the period of the insurance runs for 10 years, or the period of the contractor’s own written guarantee, whichever is the lesser period.
In the event that a defect becomes evident in the insured works, you should contact the contractor responsible at the soonest opportunity so that they may rectify the defect under the terms of their own written guarantee. In the event that you have found that the contractor has ceased trading, you should then contact Guarantee Protection Insurance Limited. The full claims procedure is set out on the policy documents provided to you by Guarantee Protection Insurance Limited.
In the event of a claim, you will be required to complete a claim form and submit copies of associated documentation in relation to the insured works. Once this is received an inspection of the works will be organised and this will be carried out by an alternative CGS approved contractor. There is an inspection fee payable (of approximately £150) in respect of each and every claim. The fee would be returned to you, should the claim be valid, once the relevant excess amount has been deducted.
Where the inspection report confirms defective works that would have been covered by the original contractor’s written guarantee, the insurer – subject to the terms of the contractor’s guarantee and the insurance policy wording – will meet the costs of remedial works that are required.
How do I get an insurance backed guarantee?
When quoting for works, your CGS approved contractor will provide you with a quotation for a CGS Insurance Backed Guarantee. The quotation shall set out the one-off insurance premium payable and a small administrative fee (of no more than £35) may be charged.
If you wish to proceed with the purchase of an Insurance Backed Guarantee, you simply need to confirm this to your chosen CGS approved contractor and pay the appropriate premium and administration fee (if applicable). Once the works are fully completed to your satisfaction you will be provided with written guarantees from your contractor and Guarantee Protection Insurance Limited will forward you your guarantees insurance policy documentation for your retention.