Established in 1989, Deposit Power is Australia’s longest-standing deposit bond provider and has assisted over one million buyers and sellers in the property sale process. Deposit bonds are widely accepted as a means of securing a property purchase and are utilised by first home buyers, up-sizers, downsizers and investors alike for auction, off-the-plan or existing home purchases.
New Business Owner
DP Bonds Pty Ltd recently purchased the Deposit Power trademark and associated Intellectual Property. This purchase was successfully concluded in May, 2018.
The owner and director of DP Bonds Pty Ltd (Deposit Power) is Peter Wedgwood, a Chartered Accountant who has been involved in the Insurance industry in Australia for over 35 years. He is currently the Executive Director of APRA regulated insurance company Assetinsure, a specialist insurance company, providing niche products such as surety, performance bonds and credit enhancement. From early 2000 to 2016 Peter was a board member of the NAB controlled companies – Quasar, Titan and Script.
Deposit Power has secured Lombard Insurance Company Limited (Lombard) as the Guarantor of the Deposit Power product. Lombard is an international bonding and commercial insurance provider who has been providing underwriting capacity to the Australian insurance market for over 10 years.
In order to provide stakeholders trust and confidence in the Deposit Power product, Lombard have undertaken a number of key initiatives to ensure Deposit Power product is stronger and more reliable than ever before. This includes the establishment of a custodial fund with Perpetual Corporate Trust Ltd (Perpetual) for the sole purpose of meeting claim payments.
Payment of Claims
In the event of a claim, Deposit Power (as the Authorised Manager of Lombard) is authorised to process the claim. Upon receipt of a valid claim, Deposit Power have sole authorisation to instruct Perpetual to pay the claim. Such instruction is made independently of and without reference to Lombard. As a result, the claim payment process remains domiciled in Sydney ensuring it is timely and reliable.