Guarantee Insurance is it FSA Regulated ?
Twistfix has been negotiating hard to find the best Guarantee Insurance in order to be able to provide householders with insurance for critical building work which has been carried out by appropriately qualified and properly trained registered contractors. We have discovered that there are two different scheme types available to cover householders should the contractor have ceased to trade.
One is an Annual Policy scheme taken out by a product supplier or his guarantee scheme. The scheme remains in force each year that the supplier pays the annual premium. However the policy lapses if the supplier stops paying the annual premium. As this is not classified as a genuine insurance no Insurance Premium Tax can be charged by the product supplier.
The other is a Term Insurance scheme which for one payment remains in force for the term of the Guarantee. This type of insurance is regulated by the Financial Services Authority (FSA). As this is a bona-fide insurance then this scheme attracts Insurance Premium Tax. Needless to say this is the type of scheme being arranged by Twistfix
Insured Guarantees Limited offer insured guarantees with the insurance certificate being specific to your property and issued by an FSA authorised and regulated UK insurance company. Skill areas that can be insured include:
What does the regulated insurance offer that other insurance backed guarantees don’t?
Firstly you get the security that all Contractors operating under this insurance guarantee scheme, which are going to be carrying out work on your property, are vetted by Insured Guarantees Limited against a checklist of 63 standards they need to meet. If they do not meet this as well as show a high degree of technical competence, knowledge of health and safety as well as financial stability over several years they are not eligible for membership, despite being Twistfix Registered Contractors.
You as the customer can have twenty years not worrying about if the builder or contractor goes out of business because if he does and if you have the correct documentation then the insurance company will manage your claim in the event of a problem
Newman Building Services of Hammersmith in West London is the latest Twistfix Registered Contractor to join the scheme. “There is a lot of confusion about so called ‘Insurance Backed Guarantee’s” says Steve Newman, “finally I am comfortable in the knowledge that in joining the Insured Guarantee Ltd scheme I will be offering my clients a genuine FSA regulated Insurance policy.”
For specific information and more details then please contact Insured Guarantees Ltd - 0845 4154151
Alternatively call a Twistfix advisor on 0845 123 6006 or email firstname.lastname@example.org.