As members of the Property Care Association (PCA), Invasive Weed Control Group (IWCG) we offer insurance on our company guarantees by providing Japanese Knotweed Insurance Backed Guarantees (IBG). The insurance is provided by Guaranteed Protection Insurance Ltd (GPI), and is the most widely accepted product by major UK mortgage lenders in the industry.
The general principle of the GPI IBG product is simple. Knotweed treatment will continue in the event that the contracted company cannot fulfil their obligations (i.e. ceased to trade).
If you have an IBG from GPI and re-growth of Japanese knotweed occurs and the contractor that gave you the guarantee has ceased to trade, you can make a claim to GPI. They will collect a completed claim form from you as well as copies of some important associated documentation (your completion certificate, original management plan and written guarantee). GPI will organise a re-inspection of the property by an alternative PCA member contractor. There is a re-inspection fee payable (of approximately £250) in respect of each and every claim which would be returned to you, should the claim be valid.
Where the re-inspection report confirms the re-growth of Japanese knotweed in the area(s) originally treated, and detailed within your management plan, and that would also have been covered by the original contractors' written guarantee, GPI will meet the reasonable costs of the re-treatment works that are required. GPI's Insurance Backed Guarantee meets the demands and needs of those who have had invasive weed eradication work carried out by a PCA registered contractor and require insurance protection in the event that the original contractor has ceased trading and is unable to honour the terms of their written guarantee.
When quoting your treatment works, we will include a policy or provide you with a quotation for a GPI Insurance Backed Guarantee. GPI can provide insurance cover for a period of up to ten years and only a one-off premium payment is required. The quotation will confirm the premium applicable.
Who are GPI?
GPI is a UK based general insurer, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. With many years' experience, GPI specialises in the provision of IBG's.