Revamp for the GGF Deposit Indemnity Fund
As the UK’s main glazing authority, the Glass and Glazing Federation (GGF) set up the GGF Deposit Indemnity Fund in the 1980s to help GGF Members offer their customer’s free protection for their deposits. This has proved to be one of the most successful protection schemes in the domestic glazing sector – popular and affordable with Members and reassuring for consumers using GGF Members in the Deposit Indemnity Fund.
More recently, in June 2014, it became a requirement of CLG (now MHCLG) that all installations registered with a Competent Person Scheme (such as FENSA) must provide deposit protection to all Customers paying a deposit in advance of installation.
Thanks to the Deposit Indemnity Fund, Members were able to demonstrate that they already met this requirement. These are the key roles of the Deposit Indemnity Fund and are the reasons why GGF Member companies are prepared to continue to support the Deposit Indemnity Fund.
Last year the GGF conducted a full review of its Deposit Indemnity Fund and found that some Members weren’t in the Deposit Indemnity Fund and also that the GGF was not promoting the benefits of the Deposit Indemnity Fund strongly enough to Members and consumers.
Since the review, the following documentation has been updated:
- Scope of GGF Deposit Indemnity Fund
- GGF Deposit Indemnity Fund Guidance Notes for Members
- GGF Deposit Indemnity Fund Rules
In addition, the GGF has now created:
- A new GGF Deposit Indemnity Fund online Verification Badge to clearly identify a GGF Deposit Indemnity Fund Member on the GGF’s trade website www.ggf.org.uk and on the GGF’s award-winning consumer-facing website www.myglazing.com
All Members in the GGF Deposit Indemnity Fund will have their profile pages on both www.ggf.org.uk and Myglazing.com updated with the new Verification Badge by the 7th March 2020.
- An online register/directory of all those companies in the GGF Deposit Indemnity Fund so that consumers can easily find a GGF Deposit Indemnity Fund Member. This register is now live on MyGlazing.com Please view register here: https://www.myglazing.com/ggf-fund/
How does the Deposit Indemnity Fund work for Members?
When dealing with a consumer, GGF Members can offer free information on the GGF Fund which explains how consumers using a GGF Deposit Indemnity Fund Member have free deposit protection that covers up to £12,500 or 50% of the price of the job (whichever is lesser), in the unlikely event that the contract cannot be completed for the reasons set out in the GGF Deposit Indemnity Fund Rules.
If you are in the GGF Deposit Indemnity Fund, you can offer your customers this cast-iron guarantee that their deposit is safe when using your company. The benefit though doesn’t stop there.
In event of a claim once all the relevant information has been collected by GGF Fund Limited and consumers qualify for the cover, they are then given a GGF Deposit Indemnity Fund voucher for the value of the payments they have made (up to the value mentioned above) and they can then use the voucher with another GGF Deposit Indemnity Fund Member to get the work completed.
In addition, the cost of being in the GGF Deposit Indemnity Fund is one of the easiest and most affordable ways to provide deposit protection in the industry.
John Agnew, GGF Managing Director explained, “The improvements in the administration and communication of the GGF Deposit Indemnity Fund will help both GGF Members and consumers. It makes the whole scheme clearer to all and I urge any GGF Members who are not in the Deposit Indemnity Fund to join it. It can only increase consumer confidence in their business, save them money and time and possibly give them new business should a consumer decide to redeem their voucher with them.”
To find out more about the GGF Deposit Indemnity Fund, please contact email@example.com