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
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Boat OEMs Use Product Warranty Insurance to Offer Longer Limited Warranties During Special Events or Promotions.
For a single, one-time cost, an OEM can extend their limited warranty and retain the original term, transfer the risk for the extended term to a carrier, and eliminate Balance Sheet Exposure.
It’s completely transparent to the customer but makes accounting for variable terms simple.
Contact https://meramecsecure.com for more information.
Meramec Secure Adds Homeowner and Automobile P&C Insurance Solutions for D2C Home Warranty and Auto Service Contract Sellers
Chicago, IL, February 12, 2024 – Meramec Secure, a nationwide designer and producer of specialty insurance and service contract solutions, has recently announced a new strategic relationship with a leading insurance platform.
This relationship provides access to products from multiple property and casualty insurance carriers. It is designed to generate cross-sales of auto and home insurance coverage for direct-to-consumer auto and home service contract shoppers via automated API, warm transfer, or web-based solutions.
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Manufacturer’s enhancement for their standard Limited Warranty
Appliance Warranty Insurance to offer an Enhanced Limited Warranty without retaining the balance sheet risk.