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YOUR FMB BUILDING WORK GUARANTEE
Want to know more about the FMB Building Work Guarantee? Emma Whyatt, Director of FMB Insurance, answers members’ frequently asked questions PEACE OF MIND
What is the FMB Building Work Guarantee?
What kind of work does the guarantee cover? It covers any domestic home improvement works, whether an extension or loft conversion, new kitchen or bathroom, roofing works or disabled adaptations – you can approach us regarding any home improvement project. How much does a building work guarantee cost? Building work guarantees are placed on a job-by-job basis, starting from as little as 1.0 per cent of contract value, up to 2.75 per cent, depending on: ● Years of cover ● Work type ● Contract value ● Your FMB membership status.
Why would a guarantee benefit my customers? ● Peace of mind: giving you and the homeowner confidence that if for any reason you aren’t around to put right any defects – due to ceasing to trade, retirement, ill health – they have a policy in place to protect them. ● It covers the whole project: there is no need to insure every element of the build separately, so a guarantee is simple and easy to understand, and removes the risk of having any gaps in the insurance cover. ● It protects their investment: buying homes and carrying out improvement works are likely the largest costs homeowners will ever incur, which is why the FMB Building Work Guarantee is administered by FMB Insurance, backed by an A-rated insurer and covered by the Financial Services Compensation Scheme. Who pays for it? That’s down to you and your client. Either party can pay for it, but most members include the cost of a two-year building work guarantee as part of their quotations.
It is an insurance-backed guarantee designed to protect and reassure your clients, providing them with peace of mind when they undertake building work. Members and non-members can choose from two, six or 10 years post- completion cover.
Why is a building work guarantee important?
We buy a mobile phone and take out insurance. We buy a washing machine and do the same. We would expect any new boiler installed to come with a warranty. Yet when homeowners have building work done, insurance is not often at the forefront of their minds, but it can be one of the biggest financial decisions they will ever make.
Why would a guarantee benefit me?
If you are a Trustmark member, this is a must; financial protection has to be provided to consumers as part of the Trustmark requirements. For all FMB members, this is about
standing out from the crowd, demonstrating that you are different from the average builder and that you’re able to offer a quality service that protects your clients. FMB Insurance knows from research that 85 per cent of homeowners are more likely
How do I find out more Call FMB Insurance on 01353 652760 to speak to a member of the team, or email bwg@fmb.org.uk. You can also visit
to choose a builder with an insurance- backed guarantee.
fmbinsurance.co.uk for more information or to submit a quote request.
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Master Builder
www.fmb.org.uk
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