Information about our Deposit Protection Insurance Certificate
What is Deposit Protection Insurance?
You may be asked to pay a deposit when you place your order for double glazing, a conservatory, doors, fascias or other associated products. This is normal practice for most installation companies as this helps safeguard them against manufacturing products they probably will not be able to use elsewhere should the customer cancel the order.
However, some people in the past have paid deposits only to find the company has ceased trading before the installation has begun. In these cases, often the customer loses their deposit and is in the unfortunate position of having to find another contractor and negotiate a new price and pay another deposit before the work can commence.
One way to eliminate this risk is to use a member of DGCOS and receive a Deposit Protection Certificate which will ensure you do not lose your deposit in the event of the installer ceasing to trade.
How Much of My Deposit Will The Policy Cover?
The policy will cover any deposit you pay in full to a maximum of 25% of the total contract price (the maximum deposit coverage is £12,500). Please ensure you receive a receipt from your installation company and the Deposit Protection Certificate (you should receive this direct from IWA within 7 days).
How Do I Make A Claim?
A DGCOS approved Deposit Protection Policy will last for 90 days after the date of payment of the deposit or upon completion of the contract whichever is the earlier.
To make a claim simply contact IWA (see below) in writing within 30 days of your knowledge that your installer has ceased to trade and provide suitable proof of payment, a copy of your insurance certificate and a copy of your contract with the installer.
IWA then have the option of either arranging the completion of the insured works at a further cost to you no greater than the outstanding balance (the outstanding balance is the difference between the original total contract price and the Deposit payment up to a maximum of 25% of the contract value) or refunding your deposit (at the discretion of the insurers).
The above information is provided by IWA, 20 Billing Road, Northampton, NN1 5AW, who are authorised and regulated by the Financial Services Authority (Reg No. 305650).