Top Tips Choosing The Right Guarantee Provider

Guarantee Provider

The team at GDGC are passionate about what we do and we want to get the message to you about how serious we take it!!

We are an Insurance Intermediary specialising in provision of Insurance Backed Guarantees to the UK Home Improvement market. Insurance Backed Guarantees provide valuable protection if an installer ceases to trade and is unable to honour their written guarantee. We are authorised and regulated by the Financial Conduct Authority (UK).

The Insurance policies we offer are underwritten by Safe World Insurance Group (UK) Ltd (Safe World), who are a UK based Insurer and all their policies are protected by the Financial Services Compensation Scheme (FSCS).

GDGC only offer Insurance Backed Guarantees, because they provide you and your customers with the peace of mind that they have all the protection afforded by UK based insurance companies as required by the UK regulatory bodies.

We wanted to share some top tips when choosing your installer as not everyone provides an ‘Insurance Backed Guarantee’.

1. Please consider the guarantee you now choose is an Insurance Backed Guarantee (IBG for short!)

Guarantees

2.  You purchase the guarantees, so why should you want to give your customer more than a guarantee?

The Insurance Backed Guarantee that we offer, is underwritten by Safe World, a UK based insurer, who are authorised by the Prudential Regulation Authority (the regulator which authorises insurers and banks operating in the UK) and regulated by both the Prudential Regulation Authority and the Financial Conduct Authority. This means:

  • Claims are handled in the UK by Safe Worlds specialist Claims Team
  • Policyholders have access to the Financial Ombudsman Service in the event they are unhappy with the outcome of any complaint and;
  • In the event anything happens to Safe World, policyholders are fully protected by the Financial Services Compensation Scheme.

Does your current provider offer all this protection?

3. Is the guarantee protected by the Financial Services Compensation Scheme (FSCS)?

The Insurance Backed Guarantees that we offer are protected by the FSCS. The FSCS exists to protect customers of financial services firms that have failed and step in to protect policyholders in the event their insurers have failed. The scheme plays such an important role in the UK, 2017/2018 the scheme paid out over £405 million to claimants

4. Does your guarantee you purchase give you access to the Financial Ombudsman Service (FOS)?

If your customers are not happy with the way we have handled their complaint they have access to an independent ombudsman to settle the disputes without extra legal fees or costs. The FOS is an independent public body set up by Parliament to give an impartial answer to a dispute that hasn’t been resolved between a financial business and their customers.

GDGC – Insurance Backed Guarantees

Why not take a moment and watch the video below, which helps to explain just what an Insurance Backed Guarantee is and how the benefits to your customers.

GDGC is an insurance intermediary specialising in the provision of Insurance Backed Guarantees for the UK Home Improvement market. Cover is subject to the Insurers’ full policy Terms and Conditions. Access to deposit protection policies and/or Insurance Backed Guarantee is subject to accreditation and financial checks. If you would like to know more about the features, benefits, exclusions and limitations of the policies we offer, please feel free to contact us.

For more information call us on 0345 340 0523