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What happens if my contractor goes bust, or walks off site?

Unfortunately, this is a fairly regular occurrence. If this happens and you are covered by a Renovation Underwriting policy, please notify us immediately. 

Our policies do allow for a cessation of works for up to 60 days, during which time full cover will be maintained automatically. We can manage longer periods than this as long as we are kept fully informed. We will ask a policyholder to submit to reasonable and achievable unoccupancy conditions around property inspection, security and on-site risk management (such as draining of water systems, disconnection of services etc.).

Each policy is a material damage policy, and does not cover failure to perform, or financial losses resulting from a contractor leaving site for whatever reason. This type of cover may be sourced from the Lloyds market, but for standard domestic projects we find it to be prohibitively expensive.