Tag Archives: Contractual Liability Insurance Policy

Meramec Secure Launches Expanded Website Related to Use of a CLIP (Contractual Liability Insurance Policy)

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.

Having Trouble Sourcing a Service Contract Reimbursement Policy for a Client?

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.

Service Contract Reimbursement Insurance (SCRIP)
Contractual Liability Insurance Policy (CLIP)
Contractual Liability Reimbursement Policy (CLRP)

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Utah Amends Service Contract Regulations

Utah Code, 31A-6a, Chapter 6a Service Contracts has been amended and expands the definition of a Service Contract Reimbursement Policy or Reimbursement Insurance Policy to now read:

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Ohio Consumer Goods Service Contract Reimbursement Insurance Policy Requirement

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 →