Posted: 15 November, 2010. Written by Virginia
The REAL Assurance Scheme launched its Deposit and Advance Payment Insurance Scheme on 15 November. The insurance cover, provided by Guarantee Protection Insurance Ltd, part of the Kinnell Group, will cover any funds consumers have paid up-front in the event the member company ceases to trade before delivering and installing the goods. There is no cost to members for taking part in the scheme and the insurance cover is free of charge to consumers. The Deposit and Advance Payment Insurance Scheme fulfils an important requirement of the Office of Fair Trading to provide protection for consumers funds paid up-front.
Members are required to register some details of the contracts they sign with the insurance provider who send the policy document directly to the consumer. Consumers will also have the chance to insure their post-completion workmanship warranty for a small additional fee if they so choose.