INNSA Arrange 10 Year Insurance Backed Guarantee Policy
By Paul Denny, Director, Insure Risk Ltd
An INNSA member who is a client of ours, for all their commercial insurances, asked us to assist the INNSA membership over 12 months ago, to put in place an insurance backed guarantee (IBG) policy for the membership’s domestic work.
At that time, we sourced a specialist insurer who deals with warranty policies. We needed to explain to them all about INNSA and how it works with its membership and the nature of members work. Having built up a good relationship with INNSA and the insurers over the last 12 months we worked to further develop and enhance the policy offering, which would benefit the policyholder.
The insurers were impressed with the Invasives code, which is a Code of Practice for Companies that Control and Eradicate Invasive Non-Native Species (The Code). It has aims and objectives, and core principles which the members adhere too. It provided comfort to the insurers that all members operate to agreed technical standards, which was important to them, if they were to enhance the policy.
As a result of this we have now been able to arrange, for INNSA and its membership, a 10 year IBG policy for both domestic and commercial sites which becomes effective from the day the treatment is signed off. The policy can now be issued immediately to the policyholder once the work is agreed so insurance proof can be shown to lenders under the CML requirements.
The insurer providing the cover is “rated” (meaning they are financially stable and a secure cover provider) and policies can be issued for all commercial contracts up to £100,000 and domestic contracts up to £10,000 in value without referral to insurers.
In view of the above we are expecting a large increase in the number of policies being issued over the next 12 months, providing peace of mind to the policyholder for a 10 year period.