ASSOCIATION NEWS
FMB MEMBERS CAN TAKE OUT AN INSURANCE BACKED GUARANTEE PROVIDING COVER AGAINST ANY DEFECTS IN GRANT-FUNDED WORKS, EXPLAINS FMB NI DIRECTOR GAVIN MCGUIRE... Accessing valuable new work streams
Our Insurance Backed Guarantee (IBG) is now approved by the Northern Ireland Housing Executive (NIHE) for its grant-funded works and is accessible by all members of the Federation of Master Builders (FMB). Grant-funded work typically includes adapting homes for disabilities, renovation and repair. An IBG is an insurance policy designed to protect the homeowner against defects in the insured works, where the contractor has ceased trading and is unable to honour its written guarantee. It provides cover on a wide range of home improvement projects, from roofing works and internal refurbishments to loft conversions and extensions. This product provides cover against a defect that might be discovered in the insured works for the two-year period required by the Housing Executive. Once onboarded onto the scheme, FMB members can take out an IBG for their works on NIHE-funded work for as little as 1.1% of the contract value. You obtain the full certificate of cover at the end of a job, which can be forwarded onto the
Housing Executive to confirm cover and help to release those all- important payments. It’s not just grant-funded works where you can see the benefit of an IBG. Did you know that recent research on behalf of FMB found… “85% of consumers said they would be more likely to choose an IBG- providing builder over one that didn’t provide this.” An IBG can help you to stand out amongst the competition and build a stronger, more robust aftersales package to get clients signing on
the dotted line. At FMB Insurance, we can offer cover for 2, 6 or 10 years-post completion on a range of private work. Contact our friendly team on +44 (0)1353 652 760 or email ibg@fmb.org.uk to request a quote or, to find out more, visit fmbinsurance.co.uk To find out more about the benefits of becoming an FMB member, speak to our membership team on +44 (0)3303 337 777, email membership@fmb.org.uk or visit www.fmb.org.uk
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