TrustMark Warranty Insurance

onlyroz

We are currently in the process of having a loft conversion installed. The company is registered with the TrustMark scheme and as a result we have been given a "deposit insurance" policy which protects our deposit in the instance that the company ceases trading.

However, we have also been sent a document by TrustMark offering full insurance in the eventuality that the company goes bust. This would cost £127 and I'm unsure whether it is worth it.

I have paid the deposit using a credit card, which I think gives me section 75A cover, so do I need any extra insurance?

Furts

If the company goes bust what do you get for your £127? I suspect most of this premium is for administration, selling and commission.

If a builder is paid as work progresses with a buffer, or retention,you should not be at a disadvantage if he goes bust.

jellie

onlyroz wrote: »

I have paid the deposit using a credit card, which I think gives me section 75A cover, so do I need any extra insurance?

Section 75 would only cover you if the value of the job is less than £30k.

onlyroz

jellie wrote: »

Section 75 would only cover you if the value of the job is less than £30k.

Which is why I stated section 75A which covers amounts greater than £30k.

jellie

I didn't think credit cards came under section 75a as the protection is for credit arranged for specific goods or services.

A credit card wouldn't fall under this as it can be used for any spending, not just for the goods or services you have paid the deposit on.