USA We Care.org

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  • Terms/Limits
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LIMITATIONS OF BUYER'S DEPOSIT INSURANCE
FOR THE CONSUMER

The INSURED BUYER acknowledges that this insurance policy is not bonding and has no protection against faulty workmanship or guarantees. It is understood by the insured buyer that this insurance covers exclusively in the event that an approved licensed company would default in the starting of a job and go out of business, or it would not have the funds or be willing to return the initial deposit money. This specific insurance policy covers the buyer from the signing of the contract to the starting of the job.

PROPOSED BUYER'S DEPOSIT INSURANCE POLICY COVERAGE

Terms and conditions of BUYER'S DEPOSIT INSURANCE

1. Insurance Policy covers the buyer's deposit up to 25% of the gross sale with a limit of $5000 per contract. Buyer acknowledges any additional deposit above 25% given to an approved licensed company would not be covered under this insurance policy. Buyer acknowledges that if a deposit exceeds $5000, the overage would not be covered under this insurance policy, unless contractor has been pre-approved by the insurance carrier for an exception to the $5000 restriction.
2. Multiple contracts per year will be covered individually.
3. The INSURED BUYER acknowledges that once the job is started and that 20% of the work is completed, this insurance policy becomes null and void.
4. Shop-at-home company must be licensed and approved by local licensing agencies.
5. INSURED BUYER agrees to notify the insurance company within 12 weeks of signing of contract if work has not been started. This condition is to encourage the INSURED BUYER to show due diligence in the starting of their job, and so the insurance company can be aware of a potential loss. It will also dramatically reduce copycat or fraud on the part of dishonest businesspeople who fraudulently represent themselves as approved licensed company.
6. The INSURED BUYER is responsible to file a claim in Small Claims Court or available community court system within 6 months of signing of contract if work has not been started with any approved licensed company. Notification must be in writing and confirmed.
7. The INSURED BUYER agrees that legal representation or any lawyer's fees are not covered under this policy. A judgment in favor of the INSURED BUYER must be within 1 year of signing of contract with approved licensed company. The insured deposit will be returned to the buyer plus court costs/fees by the insurance carrier.
8. The insured buyer agrees to meet all of the above terms and conditions and receive a judgment in favor of the insured buyer within 1 year of signing the contract with approved licensed company. The insured deposit will be retuned to the buyer plus court costs/fees by the insurance carrier. Notification must be in writing and confirmed.

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