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Insolvency insurance on a large scale

June 15, 2018

As a leading insurance administrator of insolvency products, GGFi is fully aware that clients within the construction and home improvements industry are increasingly looking for ways to protect the investments they are making in large-scale projects.

 

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Pictured: GGFi Commercial Administrator Irene Akpojaro

Insurance backed guarantees for high value commercial projects

In the wake of the collapse of Carillion, a number of specifiers are now seeking increased protection against the insolvency of contractors they utilise.

Thankfully, GGFi has in place an agile, client-focussed solution to assist contractors in obtaining the cover they need. GGFi can provide quotes for a wide variety of circumstances including offices, warehouses, schools, retail units and hotels. Whatever the scale or nature of the project, GGFi’s commercial referral services can assist. The insurance solutions are not just limited to glazing – insurance for curtain walling, roofing, general building and a host of other installation types can also be provided.

GGFi’s Commercial Administrator Irene Akpojaro outlined the principles behind this service: “We are aware that each project and each client can be different, presenting a variety of challenges for installers and insurers alike. Our commercial warranty insurance product is therefore tailored to be as flexible as possible whilst still providing competitive rates at a very swift turnaround. In addition, thanks to our flexible arrangements with Insurers, we can potentially provide up to 20 year policy periods for these types of contract.”

GGFi clients talk about their commercial IBG experiences

Pete Matthews from P.M.H.I. Limited spoke to us about his successful Insurance Back Guarantee (IBG) for a Building Project: 

"On Thursday 10th May I contacted GGFi to see if they could help us with an IBG for a large project we were due to start on Monday 14th May 2018.

I was aware of the short notice and the urgency to get this project covered as soon as possible - Irene contacted us to discuss our requirements and to take the necessary documentation.

Then, on Friday 11th May she confirmed that she had obtained the perfect cover for the project.  She liaised with us and the underwriters to implement the policy and to make sure the cover was ready for the start of the build on Monday 14th May. Fantastic! Thank you so very much for your speedy, outstanding and professional service.”


Alan Hodge at N&P Windows Ltd had this to say: 

“We use GGFi to provide insurance backed guarantees and find their overall service is very good. Their response to requests for quotations is swift, and guarantee documentation is expedited quickly and efficiently.”  

Sheila Bevan at Renolit UK Ltd says that GGFi have an excellent service as a whole: 

“Most quotations, invoices and policies are returned very quickly.”

Getting to the heart of your requirements

Irene added: “With project values sometimes running into seven figure sums, we know what can be at stake and with this in mind, we seek to provide a thorough, user-friendly service that aims to keep clients advised at all stages within the process. These projects can be complicated, but that is one of the reasons we are here and are providing this service – to help remove some of these complexities, advise accordingly and ultimately enable clients to be armed with the quotes and policies they need.”

Whether it is a tender for a Local Authority or Housing Association that encompasses a number of dwellings or a single property for which a commercial contractor requires insolvency insurance. GGFi’s system has been proven to provide a bespoke, friendly service that nonetheless gets to the heart of a client’s requirements quickly.

If your business requires a quote or policy for this type of work, do not hesitate to contact the GGFi client team at commercial@ggfi.org.uk or on 020 7645 3744.