INSURANCE BACKED GUARANTEE
The period of cover provided by HomePro Insurance Backed Guarantees is different depending on what you have covered. The following provides a guide to cover periods - but always check your policy document to be sure:
Deposit cover lasts for a max 90 days from receipt by the contractor. Always ensure you have a written receipt of the payment on headed paper or order form. Deposit protection will stop when work starts on site.
The guarantee period can be anything up to 10 years on most home improvements. The policy you have will back the guarantee provided by the contractor - therefore if the contractors guarantee is 5 years - the cover period will also be 5 years, subject to the terms and conditions of the insurance.
Exclusions and Limitations
As with most insurance policies there are some items that cannot be insured and some limitations that must be made on some items that are insured. Exclusions and Limitations of the policy are outlined below.
(for a full list of Exclusions and Limitations please refer to your policy documentation):
The amount of the excess as shown on your Certificate / Cover note or any defect that would not have been recoverable under the Contractor’s own written guarantee.
The policy provides cover where the contractor has ceased to trade due to insolvency, which means, for a Limited Company, Receivership, Administration, or Liquidation and for sole-traders and Partnerships the Bankruptcy of the proprietor(s). For Deposit Protection, no more than 25% of the contract value to a maximum of £10,000, or the actual deposit paid, whichever is the lesser.
Policy complaints procedure
Any enquiries you may have regarding this insurance should be addressed to HomePro Insurance, Suite 40b, Port of Liverpool Building, Liverpool L3 1BY, or phone 08707 344 344. Please quote the Certificate number so that the enquiry can be dealt with quickly.
If you have a complaint regarding this insurance you should write to the Insurer named on the Certificate of Insurance at the contact details contained within the Terms and Conditions of the insurance.
In the unlikely event that the matter is unresolved once the above have been contacted,
you can then approach: The Financial Ombudsman Service, Exchange Tower, London E14 9SR, telephone 0800 023 4567.
There are some instances where the Financial Ombudsman Service is unable to consider complaints. This procedure will not prejudice your right to take legal proceedings.
Who are the insurers?
The underwriters of the HomePro Insurance Backed Guarantee (shown on your certificate) are either Red Sands Insurance Company (Europe) Ltd or Guarantee Protection Insurance Ltd.
Red Sands Insurance Company (Europe) Limited
Red Sands Insurance Company (Europe) Limited, is authorised and regulated by the Gibraltar Financial Services Commission under the Insurance Companies Act 1987 of Gibraltar and is a member of the UK's Financial Services Compensation Scheme and the Association of British Insurers (ABI). Registered in Gibraltar at Level 3 Ocean Village Business Centre, 23 Ocean Village Promenade, Gibraltar. (Registered No. 87598).
Guarantee Protection Insurance Ltd
Guarantee Protection Insurance Ltd is registered in England as a Limited Company, with the registration number of 03326800, and the registered address of 37-39 Lime Street, London, EC3M 7AY. Guarantee Protection Insurance Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Guarantee Protection Insurance Ltd’s Firm Reference Number on the Financial Services Register is 207658.
How much does an IBG cost?
The cost of our Insurance Backed Guarantee policies varies depending on the policy type.
In most cases however contractors will provide an Insurance Backed Guarantee as part of their service.
Insurance Backed Guarantees
Many contractors offer insurance backed guarantees, so always ask! If your contractor is not registered with HomePro Insurance, then they will not be able to offer one of our HomePro Insurance Backed Guarantee.
Your contractor can contact HomePro to arrange a policy.
Cost to the Contractor
The Insurance Backed Guarantee must be provided free of charge to the customer.
The contractor will generally purchase the insurance backed guarantee directly from HomePro Insurance.
The cost per policy is dependent on the value and type of work that is covered.
Who can supply a HomePro IBG?
We will not allow all contractors that operate in home improvements to be associated with our Insurance Backed Guarantees (IBGs) and here is why:
Only Vetted Contractors can apply
All contractors that offer HomePro Insurance Backed Guarantees have been extensively checked by us to ensure they have a good financial and legal rating, and excellent references from their last 10 customers. If HomePro hasn’t carried out these checks then we are unable to issue an insurance backed guarantee on the contractors work.
You should always double check by calling HomePro on 08707 344 344 and one of our Service Advisors will be able to let you know.
Where to find Contractors who issue IBG's
The HomePro Tradesman's Search Facility will provide you with a list of contractors in your area, most of which can provide HomePro Insurance Backed Guarantees.
When to make a claim
Hopefully your home improvement project will go to plan and there will never be any need for a claim.
In the event that you feel that you do need to make a claim, review the following checklist first so that our experienced claims team can handle your claim as quickly as possible:
Claim on Deposit
You must have paid an amount of money to a contractor within the last 90 days, who has now ceased to trade due to financial reasons without physically commencing work on site.
You must also be in possession of a valid Certificate of Deposit Cover from HomePro Insurance and a written receipt from your contractor for the amount paid as a deposit.
Claim on Guarantee
Your contractor must have completed the work and you must have returned the feedback slip confirming that the work was completed satisfactorily. There must be a defect that occurred due to faulty materials or poor workmanship by the contractor, and the contractor has ceased to trade prior to the defect arising .
Changes to IBG's In June 2014 mean all insurance backed guarantees will also provide the homeowner with protection against breaches of the applicable Buildings Regulations.
The defects must be within the period and terms of the contractors written guarantee, a copy of which you should have. It is important to note that the contractor must have ceased to trade in accordance with the terms and conditions of the policy and you must also be in possession of a valid Certificate of Warranty Insurance from HomePro Insurance.
How to make a claim
If you believe you have reason to claim on your insurance backed guarantee, please read the following..
Before you make a claim you should be satisfied that:
You are in possession of a valid Certificate of Insurance/Cover note.
The contractor has definitely ceased trading – if it is limited company you should check with companies house. If it is a sole trader or partnership you should try to contact the business direct.
You have a receipt – for claims on loss of deposit ensure that you have a receipt for the amount of deposit given, and when it was given.
You have a written scope of works or contract – for claims on work in progress – a scope of work is required to clearly identify the original extent of work. This could be detailed within a quote or a contract provided by the contractor.
You have a written guarantee – for claims on defects during the guarantee period. The guarantee should identify the guarantee periods and what is covered under the guarantee.
You have a defect – for claims during the guarantee period you must ensure that the defect that has arisen is covered by the written guarantee, and that it is the result of faulty workmanship or materials.
If you are satisfied with the above you should call us on 08707 344 344 and choose option 3.
Please explain that you would like to make a claim on your policy and we will then send a claim form out to you.