In the last quarter of 2020, the GGF launched a new Deposit Protection Insurance product to help GGF Members provide deposit protection to their customers. It is now fully available and Members are encouraged to take advantage of the new offering.
The 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 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.
To find out more and to sign up for the GGF Deposit Protection Insurance product please contact email@example.com or visit the Installsure website to apply, simply click here: https://installsure.co.uk/apply-online