Pay As You Go.
Japanese knotweed mortgages and Knotweed Management Plans. Wednesday 21st November 2018
Japanese knotweed – does it cause property damage? Friday 20th July 2018
Japanese knotweed – the end is nigh! Wednesday 31st October 2018
Who monitors your Japanese knotweed in the guarantee period? Friday 7th September 2018
Friday 29th July 2011
As regular readers to this blog know, we at The Knotweed Company believe that it pays to be different. For instance, we believe in the principle that customers should ‘pay as you go’ throughout their herbicide programmes. A number of knotweed contractors expect their customers to pay thousands of pounds upfront, before any work takes place and also expect the customer to pay for their insurance as well – but the insurance only covers the customer for outstanding maintenance (herbicide works) if the company goes bust! Hence the ‘Insurance Backed Guarantees’ we hear so much about - technically true, but who benefits from this? Typically not the customer!
It is true that there are circumstances in which Insurance Backed Guarantees can be useful, for instance if someone is selling their house, knotweed is found by the surveyor and the buyer wants the knotweed eradication paid for upfront. In these circumstances insuring against the risk of the contractor going into administration may be useful. An alternative, cheaper course would be for the funds to be deposited with a solicitor who administers this (an Escow account). The solicitor only releases the funds as the works are completed, if the contractor goes bust, the funds are still safe. Typical cost £500.00. However, for most people we meet, managing your own money and ‘paying as you go’ is cheaper still – typical cost £0.00!
My advice to anyone considering taking out an ‘Insurance Backed Guarantee’ is to read the policy. What is it actually covering you for? What is the benefit to you?
If you would like to talk to someone different, someone professional about your knotweed problem, please call us. Our quotations are free and without obligation.
Contact Brian Taylor on 01327 340770 or email me on my email