With new innovative services and products comes a certain degree of uncertainty about whether the company making the promise can truly fulfill its commitments. Everyone can relate to companies offering incredible guarantees or warranties that are now out of business, or those making service promises that don’t deliver.
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The correct term depends on what you’re looking to accomplish. Navigating the different insurance policy terms can be confusing, as their meanings and applications often overlap. The fundamental foundation is the Contractual Liability Insurance Policy (CLIP) for all the variations.
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Businesses offering Limited Warranties or Service Guarantees frequently encounter the question, “What backs this warranty or guarantee?”
This question is critical to clients seeking peace of mind that something supports the warranty or guarantee beyond the company’s promise. In some cases, clients will not do business with a company that doesn’t have adequate backing for its promise or guarantee.
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A leader in warranty service management
The PTC team is proud to deliver expertise in vertical, geographical, and function nuances and best practices.
“PTC’s warranty offering is flexible with the intent to empower customers in their management of warranty policies, coverages, reimbursement terms, business rules, workflows, and service campaigns. The warranty operation continues to evolve as customer needs and market shifts occur,” the report continues. “PTC also has incorporated its recent acquisition of ServiceMax from a field service perspective to better optimize warranty transaction processing and analytics.”
PTC was also previously named a Leader twice in the IDC MarketScape: Worldwide Manufacturing Warranty and Service Contract Management Applications 2022 and 2019-2020 Vendor Assessments.
It’s never been easier for a manufacturer to build an in-house service contract program
Visit Meramec Secure for more information.
Munich Re Green Tech Solutions has completed its final certification of photovoltaic warranty insurance with Sunova Solar, a Tier 1 global energy solutions business that designs and manufactures clean renewable energy components.
Full Article: https://www.reinsurancene.ws/munich-re-completes-final-certification-of-photovoltaic-warranty-insurance-with-sunova-solar/
By Brian Casey, Jon Gillum and Greg Norton
The Oregon Court of Appeals recently held in TruNorth Warranty Plans of North America v. Department of Consumer and Business Services, that a service contract — commonly referred to as an extended warranty — covering commercial property is subject to Oregon’s consumer service contract laws.[1]
The holding was the result of a rare judicial appeal from an administrative law judge’s decision.
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April 18-19, 2023, at the Hyatt Regency Long Beach, California
Hear top industry leaders discuss tools and strategies for cross-functional, data-driven new product development, customer service to expand market share and ensure compliance. The all new agenda features riveting case studies and timely panel discussions. Plus, you’ll want to participate in the always-popular industry-specific roundtable discussion groups and hot off the press market news flashes from Warranty Week.
To register and view the schedule of events, please visit: www.globalwarrantyinnovations.com. Use the WarrantyNews discount code: WN300 for $300 off while available.
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Amynta Group announced the appointment of Brett Davis as Non-Executive Chairman of Specialty Equipment Insurance Services (SEIS), Amynta’s heavy equipment protection and insurance services business.
With just a few pieces of data, this tool calculates a rate for a service contract or limited warranty using a typical industry model. The rate development tool is available online at Warranty Resources.
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