The news that the Carillion has gone into liquidation has sent shock waves across, not only the construction industry, but also amongst property owners who might have been considering building work in the near future.
If a multi-billion-pound company can disappear so suddenly what would happen if a company that had done work at your home suddenly went into liquidation?
What would happen if an area under guarantee failed?
Would the company guarantee suddenly become invalid?
What would you do?
There is peace of mind for anyone facing these concerns in the face 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). 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) and it offers peace of mind that should a PCA member cease 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 to the cover and not all services can be covered but in general, 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.