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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.
If You Co-Signing For Someone Else You Are Responsible For Their Debt
If you co-sign, you are responsible for their entire debt. Therefore, if the other person chooses not to pay you will have to pay the full amount, even if you had no part of the services or goods.
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Definition:
An agreement by which one party accepts responsibility for all damages and other liability that arise from a transaction, relieving the other party of any such liability.
Turnkey Contract
Definition:
An agreement under which a contractor agrees to complete a product so that it is ready for use when delivered to the other contracting party.
Broker
Definition:
One that acts as an agent for others, as in negotiating contracts, purchases, or sales in return for a fee or commission.
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