FC - RCMA - 2023-2024

52 The key coverage of the bond are as follows: • Insolvency, compulsory liquidation and bankruptcy of the Insured. • Death or permanent disability of key partner or director of the insured rendering it impossible to keep the business financially or economically viable, which lead to insolvency, compulsory liquidation and bankruptcy of insured. For the purpose of this policy, the meaning, intention and definition of insolvency, bankruptcy and/or compulsory liquidation shall be defined as the inability to meet their financial and trade obligations as and when they fall in the usual course of trade or business. This Policy shall be activated and claims shall be payable when the insured is unable to fulfil their obligations to their Insured Person for more than 30 days on a continuous basis and where is evidenced that all physical function of Insured has ceased for more than 30 working days. Objective CASE launched the CaseTrust Accreditation for Renovation Businesses with a view to allowing committed companies to distinguish themselves by committing to the following standards: Renovation Deposit Performance Bond You would have made a very wise decision if you had signed up for a renovation package with a CaseTrust accredited Business. Such businesses have undergone a certification process to ensure that it possesses good sales practices and standards. In line with the accreditation, the Business has also taken concrete steps to protect your deposit collected by them through the procurement of a CASE directed performance bond. CASE will call on the bond in the unfortunate event of an unexpected closure of the business. In this instance, the guaranteed sum will be the outstanding deposit you have paid. • CLEAR FEE POLICIES: Clearly articulated and documented policies on fees and fee refund. These must be fully disclosed to their customers. • WELL-DEFINED BUSINESS PRACTICES AND SYSTEMS: A redress system with proper and clearly defined dispute resolution mechanisms for the business and consumers. This will include mediation by the CASE Mediation Centre. • WELL-TRAINED PERSONNEL: The business has trained sales staff who do not practice unethical sales tactics and are able to provide accurate information regarding the renovation. Advisory CASE