THE HOME INSURER recently joined up with Plentific to offer Insurance Backed Guarantees to home owners booking tradesmen to work on their properties. I learnt a lot about Insurance Backed Guarantees while working with Plentific and wouldn’t contract a tradesman without one now.
The Plentific Guarantee is more than a straightforward Insurance Backed Guarantee. It is a dynamic insurance that protects you for up to 10years but also adds peace of mind as soon as you buy because it covers your deposit and work in progress. On top of all that it also adds a legal expenses policy into the mix. That means if you have an argument or dispute with your contractor, you can call on solicitors to step in and sort it out.
The Insurance Backed Guarantee itself is straightforward. The day your works finish, the tradesman advises the insurer and you will get between 10 years and 3 years workmanship cover. The 10 year cover is standard. The three year cover is for lower cost jobs that wouldn’t expect to last 10 years, things like carpet cleaning. If during the period of cover anything fails because of poor workmanship, then you can claim on the policy. The tradesman will then come and fix it at his own expense. Or if the tradesman is no longer trading, then the insurer will get someone else to sort it.
It covers workmanship problems, not product problems. So if a double glazed window fails and has condensation inside, that’s the product supplier you need to speak with. If it fails because of big gaps to the wall, that’s the tradesman who needs to fix it.
The deposit protection is simple as well. You pay up to 25% deposit and that is completely protected. If the tradesman goes out of business, you get it refunded or it goes towards a new tradesman taking over.
Work in progress protection recognises that you may pay another amount of money once the project is started. So in this case, the Plentific Guarantee allows for a further 25% cover for additional payments, meaning a full 50% of the contract value can be covered during work. It’s only natural that the remainder should not be paid until completion.
All of the tradesmen under the Plentific Guarantee are verified by Plentific. That means they’ve gone through rigorous credit and other business checks before they are approved. It means the chance of them ever failing you or defaulting is very low to begin with, but if they do, then you are covered. And if they do fail you and make it hard for you, then you can hand it over to the solicitors, with £50,000 of legal expenses to pursue them.
The Plentific Guarantee is streets ahead of any of its competition. I wouldn’t instruct a tradesman without using now I know the cover it gives and peace of mind. Especially when you consider it comes automatically with any of the jobs quoted by the verified tradesmen on Plentific.
It’s not home insurance as we normally deal with, but it is a fantastic product and I look forward to helping a lot of people with Plentific in the future.