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What is an IBG? The basics of guarantee insurance explained
Learn more about IBGs - or guarantee insurance policies - below and the benefits of providing them to your customers.
What is an IBG?
IBG stands for insurance backed guarantee. However it’s a slightly misleading name because an IBG is not actually a guarantee but an insurance policy that backs a guarantee.
IBGs are also known as guarantee insurance policies and warranty insurance policies. The main thing to understand is that all three terms refer to the same type of insurance product – a policy that provides cover for an installation company’s guarantee in the event the company ceases to trade, meaning when it is legally brought to an end because it cannot pay its debts.
> Learn more about how IBGs work on our Installer FAQ page
Who provides the guarantee covered by the IBG policy?
You as the installer provide the written guarantee to your customer at the point of completion of the contract. It is your promise to your customer to resolve issues that may occur with the installation after the event of completion.
This guarantee is the subject of the guarantee insurance policy, and the IBG policy will reflect its terms.
What are the benefits of an IBG?
For your customers, guarantee insurance policies provide additional peace of mind. They know that the written guarantee you supply them will be covered even if your company ceases to trade.
For you the installer, this extra level of consumer protection is an additional selling point for your services. Providing IBGs is also a mandatory requirement of joining Competent Person Schemes such as FENSA.
> Learn about the benefits of GGFi guarantee insurance policies
How much do IBGs cost?
The cost of guarantee insurance policies can vary depending on the contract value of the works carried out and the type of works installed. They can start from as little as £10 plus IPT (Insurance Premium Tax) for window/door installations.
For more detailed information on Installsure’s pricing, take a look at our indicative pricing guide.
> View the GGFi indicative IBG price guide
How do I register with Installsure as my IBG provider?
Get started with Installsure by completing our online application form for guarantee insurance. From there, our team will be in touch to discuss the next steps of getting you on board.
Learn more about insurance backed guarantees by visiting the Guarantee Insurance section of our website. Alternatively contact our team on 0207 645 3744 between 9am and 5pm or by email at info@installsure.co.uk.
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