Workmanship warranty

[marc8]

Hi all

I have been asked by workmanship warranty company to sign a statement saying should my limited company fail & a claim is made against work done then I would be personally liable, so here is the point should I pay the warranty & I am still trading it is down to me, should I cease trading it is down to me, is it me or don't seem much point in having an insurance?

 

[BruceB]

Completely agree. It is pointless having a warranty company involved if they want you to underwrite the warranty. My recollection is they only take this stance with relatively new companies and that they did not ask me to sign my life away. You might ask what the criteria are to avoid it.

 

[Gavin A]

This will be down to the likes of ploughcroft going bust then setting back up with the same directors using the same name, but denying any responsibility for previous warranty claims, and even attempting to make money from them by putting the claims through the insurance scheme and expecting them to pay them to carry out the work to rectify their own previous failings.

It annoys me that essentially we're paying thousands of pounds a year to cover the warranty costs for those companies, but then at the same time this does really negate the point of having the insurance for any company.

Difficult one because the system has been abused so badly that I can understand why they might be trying to implement this, but I don't really see that this will work either.

 

[marc8]

Hi thanks for comments going to see if I can get separate insurance to cover myself, so take out their insurance & then one to cover me personally against any claims. As with the workmanship warranty I done my brother in laws house & looked at the 10yr warranty but as a company we would need to cover the work for same amount of time.