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Insurance Backed Guarantees


Prepayment Insurance and Insurance Backed Guarantee’s (IBG’s) provide useful protection for consumers. 

An example of prepayment insurance:- 
A consumer pays a deposit for a product which will be delivered in two months’ time. If the supplier goes into liquidation one month after payment of the deposit, the consumer could then lodge a claim under the prepayment insurance.

An example of an IBG:-  
After completing a contract a window installer gives the consumer a ten year guarantee/warranty. If a fault occurs six months later and the consumer attempts to contact the window installer but they have gone into liquidation, the consumer could then lodge a claim under the IBG. 

These products are sold through schemes and industry associations.

For more information on these and other products, please contact us

Red Sands Insurance Company (Europe) Limited is licensed and regulated by the Gibraltar Financial Services Commission under the Financial Services (Insurance Compaies) Act 1987 (see FSC website). It is a member of the UK's Financial Services Compensation Scheme, Financial Ombudsman Scheme and The Association of British Insurers.
Registered office: Level 3, Ocean Village Business Centre, 23 Ocean Village Promenade, Gibraltar (Company No. 87598). Copyright © 2014 Red Sands Insurance.