Hies Allegedly Out Of Business

[Somecamel]

Just a heads up guys.

Had a customer approach me a few months back about a dodgy install by MyPlanet.

Anyway, they've gone bust so customer wanted to use insurance company HIES but they too have 'allegedly' gone bust aswell.

 

[Dan]

Thanks for the heads up.

 

[Dan]

I can't find anything official online about it. Can't be arsed to download their company accounts. Might be worth somebody doing that though from companieshouse.gov.uk to see if they're liquid.

 

[Gavin A]

wow - as of their last annual report they had net £10k assets, and only had a single company director.

Still showing on companies house as active though, and got a decent credit score so if they are going under then it's not gone official yet.

 

[Dan]

Sounds like it's rubbish then perhaps.

 

[Worcester]

Maybe not, based on their assets, how is their accrued liability covered?

We accrue warranty liabilities for all the work we do and keep reserves for that. If they have no reserves, they could be trading insolvently and hence illegally. They may of course simply have cross insured their liabilites with another insurance company - you'd need to look at their books to find out.

 

[Worcester]

Sure enough there is another company involved, The Underwritten Warranty Company Limited.

They currently have £49.688 in reserves and made a profit of £32,777 last year.

With the number of companies that have now pulled out of the renewables market place, their reserves seem a little light in my mind. Our warranties are underwritten by a much larger insurance company.

 

[Energetic]

HIES are very keen to get me to sign up at the moment. Is it just them and RECC or are there other options?

 

[Worcester]

Not that I am aware of.