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How Insurance Backed Guarantee Providers Can Help You
A building project or renovation work can be complex. Even for something as seemingly simple as window replacement or artificial grass installment, problems may arise.
The cause for these problems may come from the contractor. It could also be the result of an uncontrollable situation. Or it could just be the fruit of the client’s unfortunate decisions.
Whatever the case, you should be prepared. Whether you are the contractor or the client, know that you do have resources to make sure that problems can be resolved immediately. And one of those resources happens to be insurance backed guarantee providers.
Why would you need their help?
Providers of guarantee insurance will give you, the contractor or the client, peace of mind. This sort of insurance policy will honour the terms of the guarantee, in the event that the contractor closes shop or stops trading. The insurance policy, which is deemed low cost, provides protection to the client (or the property owner) and gives the contractor some measure of credibility.
When a contractor you hired suddenly ceases to trade, whatever guarantees the service provided will be worthless without the proper insurance. Insurance backed guarantees can cover building works or renovations for as long as 10 years. Any faults or mistakes done on your property will be taken care of with the help of guarantee insurance.
Some policies may even be transferrable, which means the property will still be covered even when you’ve moved to another place. It’s the kind of attractive incentive you might be able to offer when you decide to put your home on the market.
As mentioned earlier, the beauty of guarantee insurance is that it not only protects the consumer. It will also protect the contractor, and even add weight to his business. With uncertainty and competition in the building industry, it pays to have the proper investments in place.
And the right guarantee insurance policy will not only help your building business maintain some measure of credibility, even though it has ceased to operate. But it will also serve as a selling point for potential clients. Clients naturally want assurance for all work done on their property so they would be more receptive to contractors that offer solid protection, like an insurance backed guarantee.
Depending on the policy and provider you have chosen, guarantee insurance can cover construction of a new home, extensions, alterations, repairs, remodels, replacements, and the like. There are some policies that exclude painting, electrical work, swimming pools, fences, driveways, and such. So whether you are a property owner or the contractor, make sure you pick guarantee insurance policy that does not exclude or limit liabilities.