Installing Solar Panels shouldn't be a risk - The Solar IBG
When a FairTrades member provides a homeowner with a Solar IBG that tradesmen helps eliminate the homeowners financial risk and he wins more business at the same time.
The Risks Of A Warranty Are Behind The Scenes - With thousands of home improvement contractors, both large and small alike ceasing to trade each year, workmanship guarantees extending as long as 10 years and thousands of Solar Installation Businesses competing to win the same contracts it's little wonder astute homeowners are now choosing to go with quotes which stand out from the crowd in the green marketplace, those with an insured warranty!
Given the length of a solar fitment warranty period, it's seems prudent for homeowners to request that a Solar Insurance Backed Guarantee is always issued alongside the tradesman's own warranty. A lot can happen to any business during 10 years, particularly true in today’s volatile business environment. Should a chosen solar installation company fit new solar panels and that contractor were to cease trading due to financial reasons, it is the homeowner who would be left with faulty goods, a guarantee of no value and the prospect of paying for the work to be re-done at their own cost.
Although homeowners in the UK spend millions each year on improving their homes, many tend to overlook one critical aspect of their warranty - IT MAY ONE DAY BE WORTH ABSOLUTELY NOTHING.
Great news for anyone thinking of having solar installation work done is that today's professional tradesmen are either members of, or are thinking about, becoming members of a professional trade association body. The result is that they will be aware of just how important it is that they issue a written guarantee upon the work carried out. The benefits all to clear to a homeowner; should they have reason to claim for faulty workmanship or material defects resulting from the tradesman work; but what happens if that tradesman has ceased trading due to financial reasons? As you would expect the homeowner is left to fix the problem without help, financial or otherwise. On the flip side, home improvement companies understandably find it far easier to win new business when their promised warranty is backed up by a Solar Insurance Backed Guarantee, which is now also available to FairTrades members. As a consumer make sure you ask for your insured warranty or IBG.
What is a Solar Insurance Backed Guarantee and who supplies the FairTrades IBG?
Supplied by HomePro Insurance the Solar IBG matches the terms of the contractor’s original guarantee, subject to the Terms and Conditions of the Insurance, should the supplying contractor no longer be in a position to honour a claim made against them providing that trademan has ceased trading due to financial reasons. When a FairTrades member supplies a HomePro Solar IBG against the contractor’s work, the homeowner is then protected from start to finish and for many more years too. For this reason it is very important for homeowners to remember to check this with your contractor prior to accepting a quote for work to be carried out. If your trademans warranty is transferable then the Solar Insurance Backed Guarantee supplied by our FairTrades members is also transferable providing that Homepro Insurance is notified according to the terms and conditions of the policy that was issued.
Ensure that you choose a reputable contractor to carry out any improvements on your home. All FairTrades registered have had:
- Had financial and legal checks carried out on them.
- Had positive references from former customers.
- Agreed to work subject to the Terms and Conditions of the The Fairtrades Charter - Our Members Code of Conduct
Basic Definition of a Solar Insurance Backed Guarantee supplied by a FairTrades member
This particular Solar Insurance Backed Guarantee protects the customer/client should the supplying contractor of the IBG cease to trade, as defined in the policy, and is unable to either complete the work or honour the terms of the guarantee given to the customer/client on the completed project.
What does it cover?
- Workmanship by your contractor for a period of up to 10 years
- Materials used by your contractor for the period of the manufacturer’s guarantee to a maximum of 10 years
- Recovery of Deposit Payments up to 25% of contract value to a maximum of £10,000. This cover lasts for 90 days from payment of deposit
- Work in Progress Cover up to 25% of contract value when the FairTrades member is also TrustMark registered
Why is a HomePro IBG such great value?
If the contractor’s own guarantee is transferable any Solar Insurance Backed Guarantee supplied to a customer is transferable to new owners of that property .
Important Notice:
- This is an overview of the insurance and is not definitive of the levels of cover and applicable trades. If you have any queries, please contact FairTrades immediately on 08707 384 858 and we will ensure you speak to the right person regarding a Solar IBG.
Copies of the full terms and conditions are available on request.
Exclusions and Limitations
- Materials and labour charges for which any person other than the contractor would be liable.
- Any damage or defect insurable under normal household insurance.
- Any loss of use or consequential loss.
- Damage or defects not directly caused by faulty workmanship or materials that could be recovered under the contractor's own guarantee.
- Loss or damage caused by sunlight, storm, wear and tear.
- Defects arising from alterations, modifications, lack of maintenance or additions to the work after completion.
- Rectification work carried out without the insurers consent.
- Excess (as stated on the Certificate of Insurance)
Copies of the full terms and conditions are available upon request.
- Workmanship by your contractor for a period of up to 10 years
- Materials used by your contractor for the period of the manufacturer’s guarantee to a maximum of 10 years
- Recovery of Deposit Payments up to 25% of contract value to a maximum of £10,000. This cover lasts for 90 days from payment of deposit
- Work in Progress Cover up to 25% of contract value when the FairTrades member is also TrustMark registered
Why is a HomePro IBG such great value?
If the contractor’s own guarantee is transferable any Solar Insurance Backed Guarantee supplied to a customer is transferable to new owners of that property.
Important Notice:
- This is an overview of the insurance and is not definitive of the levels of cover and applicable trades. If you have any queries, please contact FairTrades immediately on 08707 384 858 and we will ensure you speak to the right person regarding a Solar IBG.
- Copies of the full terms and conditions are available on request.
Exclusions and Limitations
- Materials and labour charges for which any person other than the contractor would be liable.
- Any damage or defect insurable under normal household insurance.
- Any loss of use or consequential loss.
- Damage or defects not directly caused by faulty workmanship or materials that could be recovered under the contractor's own guarantee.
- Loss or damage caused by sunlight, storm, wear and tear.
- Defects arising from alterations, modifications, lack of maintenance or additions to the work after completion.
- Rectification work carried out without the insurers consent.
- Excess (as stated on the Certificate of Insurance)
Copies of the full terms and conditions are available upon request.