Workmanship Warranty Help

[marc8]

Hello All

Hope someone can help, i have been asked by the workmanship warranty company to sign a personal Guarantee against my company going bankrupt, they advise me to seek legal advise on the matter.
should i sign the document it is legally binding & also it is only rescinded by them, in other words they will terminate it when they feel like it.
i know this only applies for the 2 years that i cover the install of the work & therefore only lasts for this amount of time, also as the warranty only kicks in should my business not be trading at the time of the claim.
looks like they take £75.00 per job for f....all, except to pay out should i not be trading & then come & get it from me after Nice one.
does anybody have any advice or has had a similar problem? I hope that i am still trading in two years time & as this is not my main source of income, company is primarily electrical contractors. from my point of view i feel fairly well covered as i use a roofer for the install of the kit who has all his paperwork & use a scaffold company at same time, from my point of view the kit has warranty & the only work we do is electrical work.
should there be a problem on the roof & we are not trading then this would be passed onto the roofer & therefore i am covered.
your thoughts

 

[marc8]

Hi All
forgot to say i had spoken with them sinse my last post few weeks ago, they asked to see the company books since it formed, i sent these over then spoke with them after they asked me to sign the document, they asked me to submit half year accounts for this year submitted them.
they have sent an email back saying still require personal guarantee.
we probably do about 6 systems a year if we are lucky or unlucky so not really a big thing for us more about the breakdowns or repairs to systems that have been installed that i see a big market for in the future.

 

[Richard Burns]

Find another warranty supplier or take out insurance against the case of the warranty being called.
Most warranty suppliers do not want to spend any money themselves under any circumstances.

 

[dansk]

tell them to jog on, who the * do they think they are asking to see your accounts, they taking the * out of you mate, find another firm to deal with.

 

[Marvo]

also as the warranty only kicks in should my business not be trading at the time of the claim.
looks like they take £75.00 per job for f....all, except to pay out should i not be trading & then come & get it from me after

Are these guys for real???

They take money from you for every job you do then if there's a warranty claim they come after you in your personal capacity for the amount (plus their exorbitant 'costs' I'm sure) if you're no longer trading.

That's not insurance by definition, tell them to go fly a kite. You could do this yourself, set up an escrow account and pay the 75 quid per job in there yourself. Set it up in such a way that the money can't be removed within 2 years of the last amount being paid in and if there's a warranty claim within the 2 years the account covers it as long as both you and the customer agree.

 

[snowhead]

Insurance, Warranty, Bookmakers and Banking (and more) are all managed risk businesses.

Obviously these clowns can't manage risk.

 

[Gavin A]

you're also paying nearly double the rate we're paying per job via QANW (I think)

 

[marc8]

hi it is Qanw

 

[Worcester]

Try EcoSure - speak to Sarah Collins [[email protected]] Office (01268) 511115 Great Rates, no minimum monthly spend.

 

[marc8]

Try EcoSure - speak to Sarah Collins [[email protected]] Office (01268) 511115 Great Rates, no minimum monthly spend.

hi thanks will do

 

[Gavin A]

hi it is Qanw

I know this is a side issue, but how are you paying double the price we're paying the same company - £34.50 is the rate for solar PV for 10 year warranty cover.

 

[amckay]

They're cheeky mother fu**ers asking to see your accounts! More to the point why did you show them?
If I were in your shoes I wouldn't be signing it, a personal guarantee that you won't go bust? How the hell does that work? If there is no choice but to liquidate a company (for legitimate reasons) why should such companies stop you.

My advise? Shop around

 

[marc8]

Hi amckay

accounts are not a secret they are available from companies house at any time, which they had done a search but needed more information. no problem just sent in 6 months worth but this was the under writer for the firm.
we explained we might do 4-6 installs a year & that we are electrical contractors but still wanted it. you can get a picture of a company from accounts but in the last month we have just started close £380,000 work of work on two contracts.
they can shove their insurance where the sun don't shine.

& don't forget if you are still trading they don't cover F...all, only if you are not around anymore & even then they want you to pay. sorry company was QA, Qaulity A...., part of the Ki... group.
well i wont be using them.

I think all the good installers out their should get together & form their own warranty insurance have a set of criteria to meet & all pay in & cut out these Middle men.

 

[marc8]

Well All
ecosure have come back to me today a lot cheaper & a five year warranty as standard,
just got to fill out paperwork & they are doing credit check on company, will let u all know as soon as i do. cheers for help

 

[marc8]

Well All
ecosure have come back to me today a lot cheaper & a five year warranty as standard,
just got to fill out paperwork & they are doing credit check on company, will let u all know as soon as i do. cheers for help

hello all
ecosure have accepted all information & have sent over log in details for warranties to be registered.
very helpful & no problems.