Group Insurance Policy

As an added benefit of membership, members of the Mutual who have bought the Mutual’s discretionary cover can have protection under a group insurance policy which the Mutual has taken out with Builders Direct S.A., a European insurance company (the Group Insurance Policy). The Group Insurance Policy also gives You access to the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme.

The protection You can receive under the Group Insurance Policy guarantuees that You will be paid for a covered loss in the event that We do not pay You in full under the discretionary cover. This Group Insurance Policy is quite separate from Your discretionary cover under the Cover with the Mutual. Builders Direct S.A. do not make any charge to You for the Group Insurance Policy.

You can choose to have the benefit of the Group Insurance Policy for as long as you have cover with the Mutual under the Cover, but You can tell Us to remove you from the Group
Insurance Policy at any time. Please refer to the “Opting Out” section below.

Opting out of the Group Insurance Policy

If You are insured by Builders Direct S.A. under the Group Insurance Policy We have arranged for Our members, You can ask to be removed from the policy at any time. However, as this important additional protection is provided to the members free of charge, We strongly encourage You to retain this important benefit of membership of the Mutual.