It is common practice today for contractors to ask for a deposit before starting a project, so the ability to protect this financial commitment provides a welcome sense of security.
After all in some cases this could mean many thousands pounds and to be fair you have really only just met your appointed contractor and whilst you are relatively sure that everything will progress smoothly – that doesn’t mean that it is not a good idea to protect yourself – just in case the worst happens.
The HIG LITE Deposit Protection is an insurance that covers your deposit amount up to a maximum of 25% of the contract value — with the majority of contractors asking for a deposit of between 10% and 15%.
The deposit protection insurance is valid for 60 days and starts from when you receive your policy – so if you have paid a deposit and the contractor then ceases to trade – for whatever reason – the work will still be completed by another vetted company up to the value of the deposit paid.
To ensure your protection HIG LITE issues our unique ”Scan & Send” service which means that contractor notifies HIG LITE of the contract details and financial arrangements – Customer contact details, contract value and the deposit amount required, before you have paid the deposit amount to the contractor – we then contact the insurer who will complete your details in to the deposit protection section – on a ‘LIVE’ policy and send the policy documents back to us, which we then email directly to you.
You will now have physical proof that your deposit is protected – so you can go ahead and pay the deposit required to your contractor with complete peace of mind – knowing that you are on cover and that your policy details have already been registered, on your behalf, with the insurer by HIG.
You don’t have to do a thing – it’s all done for you! It is probably no surprise that this unique service is proving very popular indeed with home owners.
This protection service for homeowners is one of the reasons that our HIGLITE Insurance Backed Guarantee including Deposit Protection and Feedback Service is Approved and Recommended by Trading Standards.