Product Warranty Insurance
Vehicle Service Contracts - Dealer Obligor
Vehicle Service Contracts - Dealer Obligor
Description: Using a CLIP for Service Contracts and Limited Warranties for an Original Equipment Manufacturer (OEM) or a Warranty Company.
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A Contractual Liability Insurance Policy (CLIP) is a specific type of insurance that covers the liability of an insured party that is assumed in a contract. While many examples exist for the use of a CLIP this site focuses on how a CLIP may be used for Service Contracts and Limited Warranties by Retailers, Dealers, Original Equipment Manufacturers (OEM) and various Service Contract Administrators, Providers and Obligors (Warranty Company).
As an example, when a consumer purchases a Service Contract (aka Extended Warranty) they are buying this coverage from a Service Contract Provider / Obligor). The Service Contract Company provides the coverage and may then use a CLIP to provide a financial guarantee to "back" the Service Contract. This financial guarantee may be required by a state regulation, a lender or the purchaser.
Additional Service Contract Details
Product Warranty Insurance
Vehicle Service Contracts - Dealer Obligor
Vehicle Service Contracts - Dealer Obligor