Expands the definition of "service contract" to include repairs for accidental damages from handling and power surges.
The bill amends the insurance law to redefine "service contract" to include agreements for repair, replacement, or maintenance of property due to power surges or accidental damages from handling. This expanded definition applies to various types of service contracts, including those for motor vehicles, residential appliances, and systems. The bill also specifies that any indemnity payments for incidental damages should not exceed the purchase price of the property serviced.
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