Visit https://vscdealerobligor.com for more state statutes for vehicle service contracts.
This is Subject to Change – No guarantees are provided. You should always verify the current requirements by visiting the State web site, contacting the State or through an appropriate legal advisor.
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)
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:
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
There have been several articles in the news related to consumers that purchased a Vehicle Service Contract (VSC) from a Direct Marketer and have had challenges getting a refund. The consumer may have purchased the VSC on the web or in response to a mailer or a call.