Insurance
Backed Guarantees for Structural Waterproofing
Contractors will normally provide a guarantee for their structural
waterproofing work to cover a period of ten years. In addition, many of
our members offer insurance backing for their guarantees.
Due to our high
standards of membership, BSWA members are eligible for
membership of the industry standard construction guarantee scheme which
issues insurance backed guarantees for structural waterproofing.
What is the
CGS Insurance Backed Guarantee scheme?
Even the most
established contractors can be forced into liquidation for reasons beyond
their control. The scheme protects the client against the contractor being
unable to meet his obligations under his guarantee by ceasing to trade due
to bankruptcy, liquidation or the winding up of the business on the
retirement or death of the principal(s). The contractor's guarantee can be
protected through an independent insurer so that in these circumstances
the insurance backed guarantee will take over the liability for the
contractor's guarantee for the remainder of the period covered.
Is it
independent?
Yes, the CGS
scheme is independent of any individual contractor, manufacturer or trade
association, including the BSWA itself. Construction Guarantee Services
Ltd (CGS) provides insurance backing for guarantees issued by the
building, preservation and restoration industry and only manages
guarantees in this niche market.
A Certificate of
Guarantee is issued naming the property, and remains valid with no
requirement to register change of ownership in the future.
Should the work
the contractor is undertaking include
rising damp, replacement wall ties or treatment for woodworm, wet rot or
dry rot, these can be included in the guarantee.
