Insurance Backed Guarantee (IBG)

artorrance

We recently had a conservatory installed by Everest and shortly after received a letter from a company called GGFi offering us an IBG. This was in case the installers went bust and were unable to fulfil their guarantee.

What do people think about these things and do people think it would be worthwhile?

I don't think this is quite the same as an extended warranty when you buy a new washing machine but it sounds similar.

The offer I have is for 10 years whereas Everest's guarantee is for 25. GGFi also say in their offer 'our underwriters will consider claims' so not absolutely guaranteed.

Any information on previous experiences greatly appreciated.

[Deleted User]

It should be like a normal guarantee, except that if the builder goes bust the insurance company will consider claims instead. In other words if you need to claim on the guarantee and Everest are still in business you still go directly to them in the normal way. The insurance part only covers you if Everest go under, and isn't a substitute for the normal guarantee.

magpiecottage

Did you pay for any of your installation by credit arranged by Everest or by your credit card directly to Everest (i.e. it appears on your statement as paid to Everest rather than PayPal or similar?

If so the credit provider is jointly and severally liable with Everest and you can go to them if Everest goes bust.