Forest Dampbusters Insured Guarantees
On completion of any damp-proofing or timber treatment work we will
issue a twenty year guarantee against the recurrence of rising damp,
woodworm or wet/dry rot.
As a precaution against Forest Dampbusters being unable to honour their
guarantees due to insolvency or ceasing to trade guarantees can be
insured so that guarantees are still honoured by the underwriters of our
guarantees.
For a small one-off fee Forest Dampbusters can arrange insurance backing
of all damp-proofing and timber treatment guarantees. These guarantees
are issued and administered through Construction Guarantee Services (CGS)
who an Appointed Representative of Guarantee Protection Insurance which
is authorised by the Prudential Regulation Authority and regulated by
the Financial Conduct Authority.
Benefits of Construction Guarantee Services (CGS)/Guarantee
Protection Insurance (GPI)
Guarantee Protection Insurance Ltd (GPI) is a UK based general insurer
authorised & regulated by the Financial Services Authority, which
commenced underwriting in 2002 taking over the well-established
insurance backed guarantee business of Guarantee Protection Trust.
GPI specialise in the provision of insurance backed guarantees, which is
an insurance product specially designed to protect consumers who ¬find
themselves in a situation such as that detailed above.
How it Works
If a defect covered by Forest Dampbusters original written guarantee
develops and Forest Dampbusters has ceased to trade, a GPI insurance
policy will pay for another contractor to remedy the works. In simple
terms GPI insures your guarantee.
The GPI insurance policy provides insurance cover which relates to the
property rather than the owner which means if you sell your property the
guarantee can be passed to the new owners subject to certain conditions.
What it Covers-GPI can offer insurance for guarantees issued on
wood-boring beetle, wood rot, rising damp, replacement wall ties and
structural waterproofing.
The Main Benefits of using CGS/GPI
|
Construction Guarantee Services CGS/GPI Guarantee V ‘Insurance
backed guarantees
Insurance protection for damp-proofing and timber treatment | CGS/GPI Guarantee | Insurance-backed guarantees |
Actual Insurance Period | 20 years | usually 1 year |
Protects against contractor failure for any reason | YES | Rarely |
Insurance Premium Tax applied | YES | Rarely |
INSURANCE Certificate for EACH property | YES | NO |
Authorised and Regulated by the FSA | YES | NO |
Access to Ombudsman | YES | NO |
Approved by the Office of Fair Trading | YES | NO |
DTI Approved underwriter for TrustMark | YES | NO |
NHBC & Zurich Approved | YES | NO |
Member Financial Service Compensation Scheme* | YES | NO |
Over £6,000,000 in assets reserved for claims | YES | NO |
*This means that even if the GPI goes out of business you will
receive the full amount of compensation up to £2000 and 90% of anything
above £2000.
These CGS/GPI insured guarantees are the only twenty year guarantees
available for damp-proofing and timber treatment and no underwriters
will offer 30 year terms of insurance for damp-proofing or timber
treatments