AmTrust Financial Services Wins The GWSCA’s “Innovation in Warranty” Award

By: Jeff Hatch

September 23, 2016

Yesterday at the Third Annual GWSCA Conference on Warranty and Service Contracts in Chicago, Illinois, Warrantech’s parent company, AmTrust Financial Services, Inc., won the award for “Innovation in Warranty” for its “Complete” program. 
 
Complete is a comprehensive protection plan program developed for Microsoft’s OEM and third-party devices sold via Microsoft’s numerous sales channels, including their brick and mortar store locations, their online store, distribution partners, and resellers worldwide. In 2009, the Complete program launched in one Microsoft store. Today, AmTrust is the exclusive provider of Microsoft Complete in 60 countries, with plans that cover Surface Pro, Surface Book, Surface Hub, Xbox, Band, HoloLens and all third-party OEM PC products sold by Microsoft.
 
Visionary leadership, strong management, robust technology platforms, efficient operations, and focused client management are among the key attributes driving the success of AmTrust in support of Microsoft Complete.
 
AmTrust has worked diligently and rapidly to facilitate Complete sales in all the territories in which hardware is being sold. In less than 18 months from initial launch, they rolled out Complete in 60 countries and expanded the product offerings to include all Microsoft OEM products. They’ve developed unique mobile applications to market, sell and register smartphone insurance policies with Microsoft Mobile, formerly known as NOKIA. 
 
The Global Warranty and Service Contract Association (GWSCA) serves the warranty and service contract communities worldwide. Founded and operated by industry professionals who volunteer their time and talents, GWSCA provides programs, resources and services that develop and enhance the knowledge, capabilities and performance of its constituency, both individuals and organizations. In this way, GWSCA fosters and promotes industry wide innovation and advancement towards excellence.
 
AmTrust Financial Services, Inc. is a financial holding company with 27 insurance companies operating globally and providing small business insurance, unique risk, and warranty and specialty risk solutions. All their insurance carriers are “A” rated by A.M. Best. AmTrust is a publically traded company trading under the symbol “AFSI” on NASDAQ.
 
AmTrust underwrote $6.8 billion in Gross Written Premium in 2015 and has assets in excess of $17 billion. They have offices in more than 40 locations and operate in more than 50 countries. In 2014, AmTrust was ranked 63rd in Fortune magazine’s Fastest Growing Companies. In the same year, Forbes named AmTrust as one of the best run companies (insurance). Warranty Week, the leading online authority in the warranty industry identified AmTrust as the most ‘warranty-centric’ company.
 
Congratulations to AmTrust Financial on this impressive accomplishment. For more information about the company and their services, visit amtrustgroup.com

Filed Under: AmTrust, Award, Complete, Financial, GWSCA, Innovation, Warrantech, Warranty

What Is The Difference Between A Warranty And An Extended Service Plan?

By: Jeff Hatch

September 07, 2016

This is one of the most frequently asked questions we receive and one that causes a lot of confusion among customers. Simply put, a warranty is an agreement to make any repairs or replace defective parts during a specified period of time upon purchase – a 90-day warranty, for example. It is provided by the manufacturer or dealer and included in the purchase price of a product. By contrast, a service contract/plan is a separate agreement designed to provide protection after the manufacturer’s warranty expires.  
 
Since a manufacturer’s warranty is only good for a limited time, having additional coverage for important purchases makes a lot of sense. An extended service plan (or vehicle service contract) is a popular choice among customers who want extended coverage on everything from consumer electronics, automobiles, home appliances, boats, power tools and other items they truly value or see as an important long-term investment. For instance, a cash-strapped college student who can’t afford to be without a laptop computer for schoolwork would be smart to invest in a service plan. 
 
A service contract also offers additional benefits that generally aren’t covered under the terms of the manufacturer’s warranty. If you bought a new vehicle, chances are your warranty only covers defects and issues that came about during the design and manufacturing process. With a service contract, you can get supplemental coverage for important systems like the transmission and suspension, and ancillary product protection that covers paint, dent, fabric and windshield repair. 
 
In addition to product and purchase protection, service contracts offer consumers convenience and peace of mind. There have been several articles as of late that all list this as one of the main reasons that people feel that a service contract is well worth the added expense. Should something go wrong with your purchase, you’ll receive immediate assistance. Plus, a service contract can be purchased for just a fraction of what you would normally pay for service repair or, in worst-case scenarios, an entirely new item. 
 
If you do decide that you are interested in extended protection, the best rule of thumb is to always make sure that you carefully compare the service contract with the manufacturer's warranty. Also, consider: 1) the cost of the service contract, 2) the types of coverage it offers, 3) the length of time covered, and 4) how you expect to use your purchase. And if you have any concerns regarding your service agreement or need help with a specific type of coverage, feel free to reach out to us. We’ll be more than happy to help.
 
Visit our website to view more frequently asked questions from our consumers. Or call us at 800.833.8801.

Filed Under: contract, plan, product, service, vehicle, Warrantech, warranty