An Insurance Backed Guarantee (IBG) is an insurance policy that provides valuable protection for you when undertaking home improvement projects such as extensions, loft conversions and conservatories.
Why is an IBG important?
Many contractors will be happy to guarantee their work against defects in workmanship or materials for up to 10 years, which will be set out in their written guarantee. Although this guarantee sets out their obligation to rectify defects in installations carried out by them, it cannot guarantee that they will always be around.
That’s where an Insurance Backed Guarantee comes in – which is designed to honour the terms of the written guarantee where the contractor has stopped trading, covering the reasonable costs of fixing the defects.
Read our FAQs and download the FMB Insurance IBG Guide for Homeowners to understand how this type of insurance policy affects you.
IBG Homeowner FAQs
How long does my policy last?
Please refer to the section on your policy titled “The Period of this Insurance” to confirm the terms of your policy. Depending on the product, the term of cover provided varies.
Is the policy transferable to subsequent homeowners?
The policy of insurance is only transferable if the installer’s written guarantee is. In the event it is transferable, we will be happy to transfer the benefits of this policy if you have recently taken ownership of the property.
In some cases, a small administration fee may be applicable for the transfer – please refer to the “Transferability” section on the reverse of your policy for the full conditions applicable and confirm the fee.
What should I do if I find a defect in my installation?
If you identify a defect in your installation, you should firstly try to make contact with the original installation contractor to advise them of the issue and request they attend to your property.
Please ensure you keep records of all communications you have with the contractor and any remedial works undertaken.
How do I make a claim?
If you need to make a claim, please contact the FMB Insurance team on 01353 652760 or by emailing [email protected].
Along with the completed Claims Form we will need:
- Copies of the Policy Certificate/Policy of Insurance.
- The Sales Contract, invoice and receipt from the installer including terms and conditions – usually located on the back of contracts.
- The written Installer Guarantee provided by the installer – sometimes located within terms and conditions or as a separate document.
If you do not have a copy of your Policy documents, contact us on 01353 652760 or [email protected].
All installer guarantees look different and you will find very few follow one format and can sometimes be included within your contact terms and conditions. You will be required to provide this in the event of a claim being submitted, so it’s important to have this in your file.