October 23, 20196 yr Hi, I have been reading through everyone's posts and have found them very informative, thank you! So, we are for to start our SIPS house next April. At the moment waiting to make our first payment to get the ball rolling... How have other people done it? Or do you have any advice? I'm concerned that we're going to hand over a large amount of money and it not be protected if something happens to the company. Does anyone know if there is any insurance out there that will cover our money? I've thought about credit card, but obviously only covers £30000. Thanks in advance everyone!
October 30, 20196 yr Hello We have made a 10% down payment on our SIPS supply so that the engineering work can be done. We paid that by credit card. I'm in the same position as you for the rest of it tho. But the way I see it is that the next big payment will come just before production - so as soon as it is in production it will belong to you (ie they can't then give it to someone else). So if they went bust, the receivers would not be able to sell it as a general asset. Then just before construction most of the balance will be paid. Does your SIPS supplier provide any insurance against non-supply or insolvency?
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