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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Service Contracts, Limited Warranty, and Specialty Insurance and Service Programs
The site includes example uses for Service Contracts, Limited Warranties, Specialty Programs, and Service Programs, as well as example CLIP structures, profit participation options, and an example rate builder.
A CLIP is a great way to address regulatory and compliance requirements for Service Contracts. OEMs also use CLIPs to transfer risk off their balance sheets for their limited warranty programs. In addition, CLIPs are often an effective method to support service-oriented programs, including certain travel, event, and waiver programs.
View the site at https://contractualliabilityinsurance.com
ContractualLiabilityInsurance.com is a property of © Meramec Secure, Inc.
September 23-25, 2024, Palmer House Hilton, Chicago, Illinois.
This year’s event takes a deep-dive into new frontiers in extended warranty and service contract innovations!
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OEMs are increasingly looking for ways to differentiate their products from competitors, including offering longer warranties.
Using embedded insurance to transfer a portion of a Limited Warranty is a perfect solution, and the OEM can obtain the coverage directly from a carrier without outsourcing administration or file processing and incurring the associated costs.
Meramec Secure can help build a direct solution. https://meramecsecure.com
#oem #manufacturer #limitedwarranty #embeddedinsurance #meramecsecure
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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This year’s all-new agenda takes a deep dive into new frontiers in extended warranty and service contract innovations!
Event Highlights Include:
Comprehensive coverage of the full spectrum of your extended warranty & service contract business includes: Customer Service, New Product Development, Disruptive Technology, Marketing & Sales, Legal & Regulatory, Finance & Insurance.
For more information and to register: https://www.warrantyinnovations.com/index.php
Recently merged with Syncron, Mize, has been positioned for the second time as a Leader in the IDC MarketScape: Worldwide Manufacturing Warranty and Service Contract Management Applications 2022 Vendor Assessment. Delivered on the Syncron Connected Service Experience (CSX) platform, the Warranty solution delivers value by increasing service contract revenues, reducing warranty expenditures, and enhancing customer service experience.
Bruviti Triage Center provides a no-code AI tool for OEMs, independent service providers, and warranty providers to enhance their self-help, contact center, and technical support capabilities using artificial intelligence
CAMPBELL, Calif. — December 2, 2021, 2021: Bruviti, the leader in AI-driven predictive service applications, has launched Bruviti Triage Center, a no-code web application that enables manufacturers, independent servicers, and warranty providers of field-serviced products to quickly develop their own AI-powered triage environment to augment their existing customer- and technical support capabilities.
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