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Our deposit protection is insurance for the deposit the consumer pays to secure the work to be carried out on their home. This insurance covers a deposit of up to 25% of the agreed price with the operating company or £7,500, whichever is the lesser.
The policy covers the consumer for a period of up to 90 days from the date they pay their deposit.
For example, if they have paid a deposit to you and your company then ceases to trade due to liquidation, receivership, administration or winding up the business due to bankruptcy, state retirement or death of the principal(s), the deposit is either refunded to the consumer in full, or the work is completed by another company at the balance agreed price.
Deposit Protection Policy Checklist
In order to benefit the most from offering homeowners protection for their deposit, and for their policy to be valid in the event that your company is under financial threat, ensure you have completed the following:
You MUST register your deposit, otherwise you will not be covered. When paying your deposit, you must ask the CPA member for a Deposit Registration form. This must be returned to us by recorded delivery within 7 days.
The Consumer Protection Association will not provide your customers with a personal recommendation as to whether a deposit protection policy is suitable for their needs.
The Consumer Protection Association is an appointed representative of CPA Consumer Guard Ltd who are authorised and regulated by the Financial Conduct Authority.