The GGF is pleased to announce that it is launching a new Deposit Protection Insurance product to help GGF Members provide deposit protection to their customers.
Due to the Government restrictions imposed in March and brought on by the COVID-19 outbreak in the UK and effective lockdown of many sectors in the supply chain, the GGF Fund was closed to new business as insurers viewed the industry as high-risk.
John Agnew, GGF Managing Director commented, “On the opening day of Members’ Week in September, I announced the headline details of this product which I believe will be of great advantage to our members. This new Insurance product will be fully launched and promoted to GGF Members in November.”
The new scheme is an insurance based product that will be administered by Installsure (formerly GGFi), on behalf of the GGF. The scheme and insurance products are not compulsory for GGF Members but companies that sign up to using it will have to undergo a risk assessment for acceptance.
The New GGF Deposit Protection Insurance Details
The policies under the new insurance scheme are as follows:
- Deposit Cover: means 25% of the actual contract value or £6,250 or the actual deposit paid, whichever is the lesser.
- Duration: means 90 days (extensions may be available by referral with an additional premium).
- Pricing is £5.60 (including IPT) per contract.
- There may be a limit on the number of Deposit Protection Insurance products that a GGF Member can hold at any one time.
- Products covered are Windows & Doors
- The business and the installation address must be based in the UK.
Alternative cover is available depending on the outcome of the risk assessment.
Anda Gregory, Managing Director, GGF Commercial (including Installsure) commented, “We are pleased that we are able to offer a new deposit protection solution to our industry that will help GGF Member companies and consumers. Though the pandemic has caused numerous issues throughout our industry, this new way of protecting deposits on domestic glazing work should help towards restoring consumer confidence in our industry.”
To find out more and to sign up for the GGF Deposit Protection Insurance product please contact firstname.lastname@example.org or visit the Installsure website to apply, simply click here: https://installsure.co.uk/apply-online