Expands the definition of service contracts to include repairs for accidental damages from handling and power surges.
This bill amends the insurance law to expand the definition of "service contract" to include agreements for repair, replacement, or maintenance of property due to power surges or accidental damages from handling. These contracts can cover motor vehicle tires, windshields, dents, dings, creases, residential appliances, and systems. The definition also includes indemnification for repairs and maintenance due to defects, wear and tear, or other specified damages. The bill specifies that any indemnity payment per incident cannot exceed the purchase price of the property serviced.
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