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.
Continue readingIt’s never been easier for a manufacturer to build an in-house service contract program
Visit Meramec Secure for more information.
Specialty Insurance Agency & Brokerage Solutions, Administration Solutions, and Support for Insurance Companies, OEMs, and Sellers of Products and Services.
Meramec Secure is a fully licensed and insured national Property and Casualty Agency with relationships with multiple insurance carriers ranging from small, nimble carriers to industry-leading multi-billion dollar carriers.
Custom Product Development, Enhancement Programs, Cross Sell, Blanketed and Embedded Solutions, and Benefits Solutions, including the following examples:
Auto and Homeowner Insurance
Auto and Home Deductible Reimbursement
Cyber and ID Theft
Emergency Lodging
Homeowner Glass Breakage
LED Lighting Warranty Insurance
Lockout Service
Product Warranty Insurance
Service Contract Reimbursement Insurance
Blanket Shipping Insurance
Solar Warranty Insurance
Solar General Liability Insurance
Purchase Protection
Double the Warranty
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PSG provided support in every step of forming and operating a new service contract provider in North America. PSG leverages deep contacts in the warranty industry to help facilitate the entry into the space.
PSG’s roadmap includes support with:
The PSG process is designed to support Independent Providers, Original Equipment Manufacturers (OEM) and Retailers. OEMs and Retailers can in-source or outsource individual elements of their program for their Service Contract Program allowing individual structures to address revenue recognition issues, customer experience & lifetime value and overall program design and development.
Contact Personal Safeguards Group for more information. https://personalsafeguardsgroup.com
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.