Posted: 19 January, 2018. Written by Rebecca Robbins
RECC requires Code members to protect deposits and further advance (or ‘stage’) payments, and the workmanship warranties issued to consumers, in case they cease to trade. The most common way to ensure that these protections are in place is by providing consumers with insurance policies.
RECC has developed a set of minimum requirements the insurance products offered by our members must meet to comply with the Code. RECC only lists insurance providers who offer products that meet these minimum requirements on its website.
All providers currently listed on the website meet RECC’s minimum requirements¹. These insurance providers offer the high standards of consumer protection we expect, including being covered by the Financial Services Compensation Scheme (FSCS), meaning consumers may be entitled to compensation from the FSCS should the insurance provider not be able to meet its obligations.
The information provided in this list gives details of the products the insurance providers offer, helping you to choose a provider who best suits your business model². We would always encourage you to shop around to ensure that the provider meets your consumers’ specific needs.
If you find a product offered by an insurance provider who is not currently on our list, and want to know whether its products would meet our requirements, contact us at email@example.com.
¹ RECC has received notice that information has been circulated suggesting that certain insurance providers listed on the website do not have adequate underwriters in place since Elite Insurance Company ceased writing new business in July 2017. All insurance providers affected have since secured new underwriters and using their insurance products allows you to meet your requirements as a member of a CTSI Code.
² Please note that the information is correct to the best of RECC’s knowledge, but it is essential you read the terms and conditions of any insurance policy in order to check the full details of the cover.