09 Jul Insurance Backed Guarantees
For NFRC CPS registered contractors, one of the many benefits is the provision of a 10-year IBG issued from your choice of our list of approved providers directly to your clients. If you’re unfamiliar with Insurance Backed Guarantees, read on for more information.
What is an insurance-backed guarantee?
An insurance-backed guarantee (IBG) protects residential and commercial property owners, and is automatically issued for roof refurbishment work up to the value of £50,000 put through the Competent Person Scheme.
IBGs underwrite the installing contractor’s written guarantee for faulty workmanship or materials if the contractor ceases trading.
Why is it needed?
The IBG protects property owners for 10-years after completion and payment of roofing works, against insolvency of the NFRC CPS registered contractor.
What does it mean for CPS registered contractors?
One of the benefits to becoming a CPS registered contractor is that your roof refurbishment work is covered by a 10-year insurance backed guarantee, from a provider of your choice.
This gives your clients that extra peace of mind and removes the process of independently obtaining additional security for their roofing project
What if my work is over £50,000?
Any roof refurbishment work valued at over £50,000 does not mandate the requirement of an IBG. As a CPS registered contractor you can still obtain an IBG for your client directly with your provider and would need to document this in your contract with the property owner.
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