Insurance Backed Guarantee for a Cladding Contractor
Back in April 2021, we received a new enquiry from a specialist cladding contractor. Their client had requested an insurance policy for the works which they had very recently won the tender for. The contract consisted of the removal of an existing combustible insulated render system to the outer façade of a block of flats in Buckinghamshire and to replace it with a non-combustible alternative. The system that was used was the Weber Therm XM System and the total contract value was in the region of £3,000,000.
After discussing their requirements over the phone, we advised that an Insurance Backed Guarantee (IBG) would be the most suitable product. We approached our A-rated IBG insurer and shortly after received terms, and having presented the quotation to the client, they were keen to proceed.
The clients are now in the process of having the technical audits carried out at each major stage and with the help of our specialist in-house team assisting the client through the surveys, they should receive their Certificate of Insurance very shortly after the project is completed.