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Unpaid CCJ Insurance?
Does anyone know of any insurance companies that protect against my debtor not paying his debts?
Just to be clear:
Let's say I need work done on my property and I hire a tradesman, the tradesman botches the job and I take him to court and the judgment comes in my favour so the tradesman owes me money but then refuses to pay his debt.
Is there any insurance that can be taken out where the insurance company reimburses my loss.
Standard family legal protection will pay court fees etc to take the debtor to court but once the court has found in our favour they don't seem to insure against the debtor not paying or not being able to pay.
Perhaps someone who works in insurance can help me with this.
6 Answers
- !Lv 78 years agoFavourite answer
In theory you can insure anything - but the problem here would be how the underwriter could realistically assess the risk (i.e. your premium would be sky high!).
Wouldn't it be simpler to pay by credit card (assuming the amount concerned is more than £100) so that if the tradesman doesn't deliver to the required standard, you can claim against the card provider and let them worry about recovering the money from him? Or pay by debit card and you have the remedy of chargeback if necessary - see http://www.which.co.uk/consumer-rights/problem/how...
- ?Lv 58 years ago
You'd find it hard to get insurance - too much scope for collusion between a tradesman whose business is in trouble and a handy friend...
As Jo W has said, find a tradesman who accepts credit or debit cards and pay that way to get the protection you need.
- 8 years ago
Your tradesman should have liability insurance.
Im pretty sure you can make a claim against that.
As for CCJ insurance ive never come across it. Speak to a LOCAL insurance broker (not swinton), they may know of something.
Source(s): I am a Mortgage Advisor.. i do the odd bit of insurance but nothing like this. - ?Lv 48 years ago
There is an insurance that covers this but it is very expensive and is mainly used by companies if you was to win a judgement and he didn't pay just send in the bailiffs to recover goods from him and sell them on
- TavyLv 78 years ago
Doubt it as there are hundreds of these cases on TV in all sorts of programmes.
Phone an Insurance Broker and ask.
UK
