Guarantees provide peace of mind and better busine... by Homepro Ltd

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GUARANTEES PROVIDE PEACE OF MIND AND BETTER BUSINESS FOR TRADE PROFESSIONALS

Homepro Ltd

31/10/2006

Offering home owners Insurance Backed Guarantees (IBGs) as part of a package of works is a superb means of enhancing their confidence - and a powerful marketing tool when it comes to increasing quote acceptances. HomePro Insurance is one of the UK's leading providers of Insurance Backed Guarantees (IBGs) and specialises in providing insurance and services to the trade and construction industries; offering products that are not only highly competitive but are also associated with levels of service and cover that are unrivalled in the sector.

HomePro Insurance offers a choice of insurance backed guarantees covering eventualities required by trade professionals and home owners alike - especially those that cover the project for any remedials or rectifications should the company cease to trade. It provides two IBGs that offer differing levels of assurance:
• Value
Value covers work in progress and all completed workmanship and materials for up to 10 years.

• Value Plus
As Value, but includes deposit insurance for up to 25% of the contract value
The basic policy covers the work carried under the guarantee, including labour and materials. If the company ceases trading, the insurance covers the cost of completing the project so customers are not left out of pocket. When a project is completed, the customer, generally, completes a job satisfaction slip - upon which the insurance certificate is issued.

The next level of cover takes care of homeowners' deposits for up to 25% of the project value - and because it is pre-paid by the installer in advance, the cover is instant. This level of cover makes closing the sales process much easier, because customers are so much happier handing over the deposit in the knowledge that it is fully protected.

HomePro Insurance was one of the first companies in the sector to achieve Financial Services Authority (FSA) authorisation - now a legal-must for tradespeople aiming to introduce such policies to their homeowner customers - and is listed by Office of Fair Trading (OFT) in its advice to homeowners published in Having Work Done on Your Home: Organisations That Can Help.

It is anticipated that the company will be the largest IBG provider in the UK by the end of 2006. All HomePro insurance products are underwritten ‘on shore’: IBGs by IGI Insurance Company Ltd and Red Sands Insurance Company (Europe) Ltd; while others - such as Public Liability - are underwritten by Allianz Cornhill.

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