• Insurance Backed Guarantee

Insurance Backed Guarantee

What is a so-called "Insurance Backed Guarantee"?
But also, what is typically NOT included in such a guarantee?

SCICON worldwide bvba facilitates the communication between the Insured and specialized brokers/insurers with the goal of obtaining a so-called Insurance Backed Guarantee for a coating- or lining-application or façade-renovation.

First of all, for the record SCICON worldwide bvba is NEITHER an insurance broker NOR an insurance company.

SCICON worldwide bvba however is a recognized Third Party Inspection-body for several specialized insurance brokers & -companies providing such Insurance Backed Guarantees.

By completing & sending us back a 'contact form' (see downloadable template under the photos to the right), SCICON worldwide bvba will take care of your request for an Insurance Backed Guarantee, will perform the technical evaluation as requested by the Insurers and if technically viable, submit your request for insurance to the Insurance-Broker or -company.
The Insurance-Broker or -Company hence receives a clear picture of the project or works to be insured and in return will make his quotation either directly to the requestor or via SCICON worldwide bvba, which will then add its conditions for the spot-check inspections that are always required during the works of an insured project.

In an insured project, the Insurance-Broker/-Company always automatically receives copies of all inspection reports as drafted by SCICON worldwide bvba.  In that way, the Insurance-Broker/-Company is always fully up to date on the planning & the evolution of the project, but more importantly on the quality of the works in progress, so that he can make restrictive remarks about the insurability should anomalies or non-conformance be detected during the spot-check inspections.

After completion of the works, and as soon as all invoices for our inspection services are paid, the Insurance-Broker/-Company will receive a Report of Technical Acceptance from SCICON worldwide bvba.  This final report concludes our inspection activities and synthesizes all inspection findings plus contains advice, conditional clauses, or exclusions regarding the insurance of the works.  Just to be clear, this Report of Technical Acceptance is NO insurance certificate!

Based on this Report of Technical Acceptance, the Insurance-Broker/-Company will issue an invoice for the insurance premium and as soon as this has been paid by the Insured, the insurance certificate will be sent to him by the Insurance-Broker/-Company.  This Insurance-Certificate also contains the Insurance-Policy number.

In the event of premature failure during the warranty period, the Insured shall contact the Insurance-Broker/-Company referring to the Insurance-Policy number.  The Insurance-Broker/-Company in return will appoint an independent expert who will perform a damage survey on the object and make an evaluation of whether or not the reported damage falls under the terms of the Insurance-Policy.

For more detailed information on Insurance Backed Guarantees, see the download 'Some words on Insurance Backed Guarantees' under the photos to the right.

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