2. Are There Different Types Of IBGs?

Absolutely!

Here at HomePro, we have 5 different types of Insurance Backed Guarantees:

1. Warranty Cover
   This is a basic level of cover for domestic contracts which begins on satisfactory completion of the work and lasts for the period of cover (depending on the trade type) usually 10 years
2. Deposit & Warranty Cover
   This level of cover has  warranty cover as mentioned above and includes an additional level of cover; deposit cover. Deposit cover protects up to 25% of the contract value paid to you for a deposit, up to a maximum deposit of £10,000
3. Deposit, Work In Progress & Warranty Cover
   Like the cover level above, this type of IBG has deposit and warranty cover but includes a third level of cover – work in progress protection. Work in progress protection protects up to 25% of the contract value while the work is being undertaken*. This level of cover is only available to TrustMark Members.
4. Multi-Site Cover
   Multi-Site Cover is a level specific for new build developments where there are multiple properties on one site. The initial paperwork goes out in the name of the Housing Association, Developer etc and is then changed over to the Homeowners name at activation. Multi-Site policies cover only the warranty and do not include Deposit Cover or Work-In-Progress Protection.
5. Commercial Cover
   Where work is done on Commercial Properties (i.e. at a doctors surgery, school etc) an IBG can be provided as Commercial Cover. Commercial IBGs include warranty cover only and do not include Deposit Cover or Work-In-Progress Protection.