Recently the news has been full of stories about different companies ceasing to trade or closing stores and this has caused consumers to question how much they can trust companies with their money. In times of uncertainty how can you be sure that your investment in a substantial purchase is safe?
What would happen if a company that had done work at your home suddenly went into liquidation?
What would happen if an area covered by their guarantee failed?
Would the company guarantee become invalid because the company ceased trading?
The good news for property owners considering remedial work is that there is peace of mind in the form of Guarantee Protection Insurance (GPI). GPI is a back-up insurance that is offered by many of the members of the Property Care Association (PCA) and it can be purchased as a one-off payment on completion of the works at your property (on receipt of full payment of any outstanding invoices). If a PCA member ceases to trade, then GPI would step in and administrate and provide the services offered under the terms of the company guarantee.
As with any form of insurance, there are terms and conditions attached and not all services can be covered but generally, timber treatment, damp-proof coursing, specialist rendering and structural waterproofing schemes are eligible for 10-year back-up guarantees (partial waterproofing schemes are not eligible). The cost of the one-off payment is dependent on the work being undertaken and costs will be quoted within the report, following the survey.
For more information on Preservation Treatments’ guarantees and GPI, please call our office on 01276 664 66 or take a look at the information on our website at https://preservationtreatments.co.uk/guarantee-protection-insurance-gpi/