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Home Insurance with retention - Builder receipts may be less than payout?

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  • 05-11-2016 5:31pm
    #1
    St1mpMeister
    Registered Users Posts: 496 ✭✭


    Hi, I have been awarded a Home Insurance claim based on a quote from a builder that was agreed on by the assessor.

    The payout is 75% up front and the remaining 25% will be paid "once we are satisfied that the works have been completed according to the scope and cost agreed and a final invoice and photographs are submitted".

    The 75% cheque has been paid and cashed.

    Now that I'm ready to get work done, the builder is unfortunately tied up on another project so I need to get someone else in to complete the job as I need it done asap.

    I'm aware this builder is a good bit more expensive than most based on comparative quotes I received for small sections of work from other builders... so it may turn out the replacement builder will end up quoting a good bit less.

    Will it affect the total amount of the 25% retention payout I get back if the overall quote is a couple of grand less?


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    #2
    St1mpMeister
    Registered Users Posts: 496 ✭✭St1mpMeister


    Actually I found this article: http://www.indemnity.ie/2012/02/retention-in-property-damage-insurance-claims/
    ...insurers are holding in excess of 30 – 40% of a property damage claim settlement until the client can prove that the work specified in the settlement has been carried out and that invoices are available up to and exceeding the value of the settlement.
    If the client pursues the retention but has not completed all of the work agreed in the settlement for whatever reason again the retention is withheld. This position also applies if the full amount of settlement is not spent on repairs ...

    So I guess that answers my question, and I'd have to get the guys to either raise their price, or do more work and include it under the pricing for some of the insured jobs!


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    #3
    cronos
    Registered Users Posts: 2,719 ✭✭✭cronos


    St1mpMeister wrote: »
    Actually I found this article: http://www.indemnity.ie/2012/02/retention-in-property-damage-insurance-claims/





    So I guess that answers my question, and I'd have to get the guys to either raise their price, or do more work and include it under the pricing for some of the insured jobs!

    do more work and include it under the pricing for some of the insured jobs


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    #4
    St1mpMeister
    Registered Users Posts: 496 ✭✭St1mpMeister


    cronos wrote: »
    do more work and include it under the pricing for some of the insured jobs

    It does look like the only option, as otherwise I don't get the 25% because I essentially spent less on getting the job done


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    #5
    Paulw
    Registered Users Posts: 13,381 ✭✭✭✭Paulw


    Mod Note: Posts relating to committing fraud will not be tolerated. Thread closed.


This discussion has been closed.
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