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SCC'S Bureau Of Insurance Advises Consumers Regarding Home Service Contracts
RICHMOND -- Effective July 1, 2006, the State Corporation Commission’s (SCC) Bureau of Insurance will have the authority to license entities as home service contract providers.
A new law adopted by the 2006 General Assembly (House Bill 383) established a regulatory framework for providers of home service contracts which includes licensure. These providers will be able to issue home service contracts that are similar to home protection insurance contracts, which are currently regulated by the SCC.
Both types of contracts are designed to offer consumers some financial protection against certain unforeseen home and appliance repairs and maintenance expenses that may not be covered under standard homeowners insurance policies. These may include failure of a home appliance or major system (such as electrical, plumbing, heating or air conditioning) due to normal wear and tear or mechanical breakdown. In the case of home protection insurance contracts, coverage may also include structural components of a residential dwelling such as roof, foundation, basement, walls, ceiling, or floors.
The SCC’s Bureau of Insurance advises consumers that there are important differences between home protection insurance contracts currently regulated by the Bureau, and home service contracts that become regulated on July 1. Although some features appear to be similar, home service contracts are not insurance.
Depending On The State, There Is A Time Limit To Filing A Breach Of Contract
If a party wants to resolve a breach, and they do not file a suit within the time limit, then the party no longer can file a lawsuit. This is called a statute of limitations, in which a lawsuit must be filed after a breach of contract. The amount of time for filing a breach of contract lawsuit varies by state.
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General Information on Contracts
By definition, and as contractors already know, contractors contract. It's an essential part of what contractors do. And the essential meaning of c... Read more >
Definition:
A mark or sign that is used to attest the execution of an instrument, contract, or other document.
Open-End Contract
Definition:
An agreement by which the buyer may purchase an unspecified amount of goods from a seller over a certain period of time without changes in the price or the contract terms.
Letter of Intent
Definition:
A document that describes the preliminary understanding between parties who intend to make a contract or join together in another action.
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