Warranty Extension (Insurance & Financial Protection) - Definition, Examples, Advice | Bolder Money

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Definition

An option to extend the warranty period on a product beyond the original term. It provides longer protection against repair or replacement costs.

What to consider

Know the maximum payout available.
Assess if the cap is sufficient for potential claims.
Consider additional umbrella coverage if needed.

Real world scenarios

An auto policy included a liability cap that limited the maximum payout per accident.
A business liability policy set a cap on claims for professional errors.
A homeowner’s policy featured a liability cap for injuries on the property.

Related terms

Insurance & Financial Protection

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