SIGNIFICANT RISE IN IBG REQUESTS
20th May 2014

After reporting recently that a massive 80% of companies contacted regarding their Insurance Backed Guarantee (IBG) arrangements had no knowledge of the impending changes to mandatory IBG requirements for installers, HomePro says that the message seems to be getting through, albeit slowly.

HomePro had revealed earlier that, instead of discussing its popular IBG policies, its staff found themselves informing installers about the changes that will compel every member of Competent Person Schemes to give their customers financial protection on every installation. It is no longer an option simply to offer an IBG – every homeowner must be given one for every installation.

The company, one of the largest providers of IBGs in the UK with more than 1,000,000 policies issued insuring more than £3.5billion worth of home improvements in the UK, is now engaged in an extensive campaign in a bid to ensure that its products were understood as the new rules become mandatory on 6th June this year.

“Now,” says Homepro’s Head of Compliance Jim Keane, “installers do seem to be getting the message about the changes, which may prevent their ability to issue self-assessment certificates. When we set out on our campaign to promote HomePro products as the deadline approached, we found that eight out of ten of the installers we contacted had no knowledge of the imminent changes, which also include new rules regarding the MTC card holder’s abilities in domestic window and door installation and surveying.”

Jim continued, “We are seeing a realisation amongst the installers that changes are upon us and many more are now taking up HomePro IBG policies. Obviously that is good for business, but there are still too many that will not be able to obtain Building Regulations Compliance Certificates for their customers when they apply after the 6th June deadline, which will be their first realisation of how serious this change is.”

Jim explained that the issue may easily be resolved: “It is quick and easy for installers to register a HomePro IBG and they are widely accepted by self-assessment bodies such as FENSA and CERTASS. Any installer that is unsure of their new commitments can call and speak to one of our IBG specialists and become compliant, at least in respect of the new IBG rules, immediately.”

Further details of the changes in legislation can be found on www.homepro.com