Protecting clients is perhaps the single most important aspect of what we do…
For the homeowner or end user, this represents peace of mind that any investment into the basement space is thoroughly protected.
Simplistically in basement waterproofing, we provide a guarantee on the standard of environment which our system creates, however there is much more to us than this alone, namely:
• Our designs are backed by £5m professional indemnity insurance (more cover than any other basement contractor in the UK)
• Our installation (workmanship) is backed by £5m product liability cover
• Trace guarantees are insured through GPI guarantee insurance.
• We are recognised as the market leader in structural waterproofing design, and are a family business with a trading history commencing 1974.
This means firstly, that if clients mis-place paperwork, we always have a record, and we can also see whether we’ve inspected a given property before in the past (which happens), or neighbouring structures to give an indication of possible issues.
To combat this, Trace were one of number of companies (British Wood Preservation Damp Proofing Association members), which in 1983 set up GPT (Guarantee Protection Trust) to arrange insurance protection for long term guarantees, meaning that clients are protected in the event of a contractor ceasing to trade during the guarantee period.
The company has now formed the Guarantee Protection Insurance Company (GPI), which is FSA regulated and at the time of writing had assets of £9m, and continues to protect the client during the guarantee period.
When GPT was formed, Sir Gordon Borrie the Director General of the Office of Fair Trading stated that it was a landmark in consumer protection. It still is.
Guarantees and Insurance: Waterproofing undertaken by Trace is covered by written guarantees for ten years. Trace maintains Professional Indemnity Insurance covering advice give on the property, and Product Liability Insurance covering the work or ‘product’ installed including workmanship. This basically protects both the client and Trace in the event of a claim.
What the public do not realize is that 98% of the other 2,500 or so purported specialist remedial companies in the UK keep them in ignorance of the fact that in the event of a claim when not insured, the company’s guarantees are only as good as their often inadequate net assets.
Whilst Trace continues to trade you have the protection of our Professional Indemnity and Product Liability insurances, but how can you protected yourself in the unlikely event that Trace ceases to trade?
To cover even this remote possibility we offer Guarantee Protection Insurance (GPI) insolvency insurance on the system. This is a one-off payment for a period of ten years (or twenty year option) covering the installation, matching the initial guarantee period and protecting the client in the event of Trace ceasing to trade. It is a valuable document, becoming part of the deed package in the event of a transfer of lease or property sale, automatically transfers to any new owner and adds value to the property. It is envisaged that the insurance can be extended at the end of the initial ten year period at the going rate at that time, subject to the system being in good working order and under an ongoing maintenance contract.
Because of the above, Trace believes it offers the best protection available to its clients both while it continues to trade (which it has done since 1974) and should it ever cease to trade.
Insurance Mediation Directive: The Trace MD, George Hockey, until September 2007 represented the remedial industry as a non-executive Director of GPI, Chairman of GPT, the majority shareholder in GPI, and is a Financial Services Authority (FSA) Approved Person, Reference Number GDH 01061 (see the FSA web site at www.fsa.gov.uk.). He was also Chairman of the British Wood Preserving and Damp-Proofing Associations (BWPDA) Property Care Committee, is on the Structural Waterproofing Group Committee, and is an industry examiner on behalf of the Institute of Wood Preserving and Damp-Proofing (IWPD).
The company is an Appointed Representative (AR) of GPI.
Appointed Representative: So, what are the benefits of using a company with an Appointed
Of the 2,500 purported specialist remedial companies in the UK, Trace is one of only a number of ARs in the whole of the UK. It is, as stated, headed by an FSA Approved Person.
To meet the criteria for this, Trace’s accounts for the previous three years have been examined and approved by an independent accountant employed by GPI.
George Hockey has been, together with the Company Secretary and administration staff dealing with insurance, vetted by the FSA for any criminal activity and were found spotless. The company itself has also been vetted by the FSA for any improper activity and again given a clean bill of health.
What do you know about our competitors?
North West Damp Proof Services Limited trading as TRACE is an Appointed Representative of Guarantee Protection Insurance Ltd which is authorised and regulated by the Financial Services Authority.