If you are a P&C Agent or Broker trying to help a client obtain the correct type of insurance policy for state level compliance or lender requirements for a Service Contract Provider please feel free to contact Mike Frosch, President of Personal Safeguards Group, LLC.
This is a requirement in Ohio that can be missed by a service contract provider for consumer goods service contracts.
Note item (B) related to the Reimbursement Insurance Policy requirement if a service contract on consumer goods covers power surges or accidental damage. (see below)
3905.423 Consumer goods contracts to be covered by reimbursement insurance. Continue reading
Personal Safeguards Group, LLC has completed another project to direct source a Service Contract Reimbursement Policy for a Service Contract Program.
Service Contracts (extended warranties) have specific requirements on a state by state basis. The product is not insurance but does have significant requirements.
For retailers, manufacturers and marketers that serve as the provider (aka obligor) for a Service Contract Program (Extended Warranty Program) the placement of a Service Contract Reimbursement Insurance Policy “SCRIP” / Contractual Liability Insurance Policy “CLIP” is often the easiest way to comply with the regulations in many states.