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Service Contracts
EAGLE ASSOCIATES
INC.
“PROFICIENCY WITH INTEGRITY’’
Our Approach to Warranty and extended Service Contracts
A Service Contract is sometimes incorrectly referred too as an Extended Warranty. Factory Warranty's only cover defects in material or workmanship. A Service Contract goes beyond the manufacturers warranty to cover the product for an extended period of time generally for 2 to 5 years for a small additional cost. The Service Contract also expands the coverage beyond the factory warranty. As a single example of what the additional coverage provides by the Service Contract is in case of a power surge or spike that destroys the product, the Service Contract allows for a repair or replacement of the covered product not covered by a Factory Warranty. There are two Types of Service Contracts DOP, (Date of Purchase) or EOM, (End of Manufacturers Warranty). It is up to the client as to which coverage they desire to offer to their consumers.
SERVICE CONTRACTS
What we bring to the party is the substance of the program for the individual client that fits their specific needs.
This is opposed to offering only one solution from one administrator or one insurance company. This is the industry standard cookie cutter offering you receive from everyone else other than our organization.
We offer the flexibility to CUSTOM FIT the right program to the client’s individual needs. We are not under an exclusive contract or locked in with any one administrator or insurance company. To the best our knowledge we represent the only organization that has broad ability and are in a position to complete these detailed specialized programs for those individual clients. That is why we are unique in the industry. Some of the unique actions we take are as follows.
This is opposed to offering only one solution from one administrator or one insurance company. This is the industry standard cookie cutter offering you receive from everyone else other than our organization.
We offer the flexibility to CUSTOM FIT the right program to the client’s individual needs. We are not under an exclusive contract or locked in with any one administrator or insurance company. To the best our knowledge we represent the only organization that has broad ability and are in a position to complete these detailed specialized programs for those individual clients. That is why we are unique in the industry. Some of the unique actions we take are as follows.
- Confirm the insurance underwriter has an (A) rating in A&M Best or better. This is mandatory but generally never reviewed by our competition allowing a potential disaster without a strong insurance balance sheet.
- If the administrator and insurance company are separate agencies, (which is the situation in most cases) we review the contractual arrangement between these two parties so the client is on solid ground when requesting the position of additional insured on the administrator master insurance policy. Details here are vital.
- When the administrator and the insurance company are all-in-one, then the policy issued to the client directly has to be scrutinized in depth.
- Now we move to the consumer contracts. All of these contracts from different entities are not the same and in some cases require specify coverage demanded by the client for their consumers. Most administrators offer a boiler plate contract that does not meet the clients expectations. In most cases the client does not even know that they can change a consumer contract. This is where we step in with our expertise and custom write a consumer contract to meet the client expectations. We also work with the administrator and or insurance company to still be compliant in all areas governed by law. In this area without extensive knowledge most people are lost without our knowledge and experience. After 33 years in the industry this for us, is not an issue.
Our back-end expertise consists of knowing what to ask, review and stipulate like:
Once we have reached this point in a structure for a particular client we review the numbers with the actuaries the administrator and insurance company to so we are accurate with our assumptions and we have clean contracts that adhere specifically to the client requests and needs within the compliance laws where needed.
Once all of the above is completed then we structure the sales and marketing program that again will be specific to the client and not a boiler plate approach.
This is as far as I have gone to this point. As I have stated before we must be very careful of the language we use when offering the contracts due to the legal aspects of the individual state statutes governing these contracts.
Once all of the above is completed then we structure the sales and marketing program that again will be specific to the client and not a boiler plate approach.
This is as far as I have gone to this point. As I have stated before we must be very careful of the language we use when offering the contracts due to the legal aspects of the individual state statutes governing these contracts.
