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.
Join us for Warranty & Service Contract Innovations for Vehicle, Home, Smart Products & Consumer Goods, scheduled for April 17-18, 2024, at the Hilton DoubleTree in Nashville.
This is an exclusive 2-track event that affords a deep dive into industry-specific topics for Auto, Truck, Home, Appliance, Consumer Electronics, Mobile and more! By popular demand, the expanded coverage this year features more topics unique to each market plus best practice case studies, panel discussions, news flashes, and round table discussion groups.
There will also be combined general sessions bringing everyone together to learn from all sides of the industry.
To register, please visit: www.globalwarrantyinnovations.com. Use Discount Code WN300 for $300 off.
EFG Companies’ new marine and power sports protection products increase dealership back-end margins while giving consumers added confidence despite expensive repairs and uncertain economic times.
It’s never been easier for a manufacturer to build an in-house service contract program
Visit Meramec Secure for more information.
Data-packed insights from a research study among Warranty and Aftermarket Service professionals looking at the role of software applications that automate the configuration, administration, and management of EW/SC programs in driving revenue growth.
Read the Full Whitepaper: https://www.pcmicorp.com/whitepaper-driving-extended-warranty-and-service-contract-revenue-growth-through-the-use-of-automation-form/
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
NEW YORK and CHICAGO, March 10, 2022 /PRNewswire/ — Amynta Group (“Amynta” or “the Company”), a leading insurance services company, announced today that funds affiliated with Madison Dearborn Partners, LLC (MDP), a leading Chicago-based private equity investment firm, have acquired all of the equity interests in Amynta held by AmTrust Financial Services, Inc. (“AmTrust”).