What is IWA?
Good companies as well as bad ones go out of business for a variety of reasons. IWA administers a scheme underwritten by FCA authorised insurers. Work carried out by IWA approved companies can have the benefit of Deposit Protection and a Guarantee Insurance for up to 10 years. All policies are covered by the Financial Services Compensation Scheme (FSCS).
How does the Deposit Protection work?
At the time of paying a deposit you should be issued with a Deposit Protection certificate from IWA. This document will protect your deposit, prior to the commencement of the contract for up to 25% of the contract value, subject to the terms and conditions on the certificate. Without a policy your deposit is not protected. (No cover is provided where planning permission has not been granted. No cover is provided if you do not have a written contract for full works to be carried out by the member company.)
How does the Guarantee Insurance work?
Once your contract has been completed to your satisfaction and you have paid the IWA approved company the balance in full, your IWA Guarantee Insurance will commence. You may register your satisfaction by completing the tear off slip on the policy and return it to IWA. Your contract will be insured for a period of up to ten years and is underwritten by FCA authorised Insurers, subject to the terms and conditions on the Certificate.