Insurance Backed Guarantees
We are now able to offer all our clients in Commercial and Residential sectors the Environet insurance backed guarantee (IBG). This is fully backed by one of the most secure insurers in the world – Lloyd's of London – giving you the ultimate peace of mind that cover really is guaranteed.
Quite simply this means that in the unlikely event of us being unable to honour our guarantee obligations due to insolvency, Lloyd's of London will step in and meet those obligations.
Insurers have assessed our long trading and financial history and our technical capability, and have deemed Environet an insurable risk. We were the first UK Japanese knotweed company able to meet the high standards of Lloyd's of London and provide this A-rated level of security.
When dealing with banks and other financial institutions you have to remember they are currently very ‘risk averse’. The first thing that they will want to look at is the security rating of the insurer (Standard and Poor’s, AM Best et al) behind the insurance - and you won’t get better than ours.
Our competitors in the knotweed eradication industry who are able to offer Insurance Backed Guarantees (IBGs), are backed by non-rated insurers. Even though they may be FCA Regulated and ‘Passported’ in to the UK under EU regulations, one has to remember that a number of these have got into trouble recently, even with such high profile clients and organisations such as the Law Society.
And then there are those that can’t offer a genuine IBG and even mislead by offering Performance Bonds, Professional Indemnity or Public Liability insurance as Warranties – beware! Our IBGs are accepted by the main Banks and Building Societies for lending purposes, but please check with your Lender, IFA/advisor, etc. before committing.
We offer IBGs in 5 year increments, currently up to a maximum of 10 years. The insurance element of the guarantee is provided to our Clients entirely free of charge as part of Environet’s unparalleled service to our clients.
The Guarantee covers for any additional treatment necessary as a result of knotweed re-growth in the guarantee area (as submitted, detailed and agreed in your documents) during the guarantee period being carried out by us, at no further cost to you.
We offer two types. Our Standard IBG covers the treatment area and associated buffer zone only, whereas our Platinum IBG covers the entire defined site. Each type covers encroachment from adjoining property, although with certain limitations.
The main freeholder of the site is usually named as the main beneficiary of the IBG. Additional beneficiaries that have an interest in the land, such as leaseholders, can also be named.
The IBG can be assigned to new owners of the land for a modest fee. The IBG is subject to certain conditions, details can be provided upon request.
The insurance coverholder is Sennocke International Insurance Services Limited, authorised and regulated by the Financial Conduct Authority - Registered No. 309040