A company selling a product that comes with a 1 year warranty wants to extend their included “limited warranty” to a total of 5 years instead of 1 year.
The company wants to do this through a financially secure third party for several reasons:
- The company’s internal teams can’t create a new warranty and accurately set up a reserve as fast as they need a solution.
- The company doesn’t want to impact their balance sheet with varying warranty reserves.
- The company wants to book a one-time cost for the warranty without future contingent liability for claims.
- The company wants to offer the longer limited warranty on a project by project or Promotional basis depending on each client’s specific need.
- The need is driven by a client requirement for a longer backed warranty.
This is a perfect solution for:
- New Technology Products
- Commercial Products
- LED Lighting
- Large Generators
- Solar Panels
- Commercial HVAC
- Electronics, Appliances, Auto
- Marine, Powersports, RV