In insurance, a warranty is an ambiguous term that can mean two things depending on the context:
Warranties made by an insured party to an insurer can be affirmative or promissory.
When it comes to warranties made by a manufacturer, though, the coverage depends on the warranty itself. Car warranties, for example, usually come in three packages – powertrain, inclusionary, and exclusionary – each of which covers different parts of the car. Most car warranties will cover losses caused by manufacturing defects, but will not cover the parts that were broken due to wear and tear (brake pads, tires, windscreen wipers, etc.).
The cost of warranty insurance depends on the type of insurance. For example, the average basic home warranty would cost you about $500 a year, with extended coverage adding up to $500 to the figure.
The landscape of M&A has been dramatically transforming in times of the COVID-19 pandemic. Apart from the temporary market unpredictability, companies had to get used to the changing due diligence process and increase in litigation. But despite that, the reps and warranty insurance saw an increase in demand. Let’s take a closer look at the […]
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