Genuine Warranty

Genuine Warranty Solutions

Genuine Warranty Solutions is a licensed service contract provider based in North Las Vegas, Nevada, USA. Service contracts are commonly referred to as extended warranties or service agreements. They are referred to by many as a niche warranty company as most of their contracts and subsuquent marketing is geared towards a specific segment of a motor vehicle market.

History

Genuine was founded by an investment group and split off as a Nuon Holdings subsidiary company in 2003. As of this writing, Genuine Warranty services three tiers of service contracs -- Marine, Motorhome, and Automobile. They have stated there are plans for an Aviation division beginning in summer of 2009.

Underwriter

Genuine Warranty is licensed as an underwriter for service contracts, which means they are the administrator or obligor. This means that Genuine is responsible for claim payments, and must maintain reserves and bonding to cover financial losses. This activity for Genuine is regulated by the Nevada Division of Insurance

== Division #1 - Marine Service Contracts ==

Genuine's largest division by far, is its Marine division. Genuines marketing in this area is primarily geared towards yachts in the $250,000 to $35,000,000 range. The yacht coverage is referred to as Genuine Custome Protection Plan (GCPP). Since it is considered a custom program, coverage can be modified towards each specific customers policy. Without alterations to the contracts, the coverage is considered exclusionary The lower tier of coverage is named Genuine Protection Plan (GPP). The GPP is designed for consumer boats valued under $250,000 and the coverage is inclusionary .

== Division #2 - Motorhome or RV Service Contracts ==

Motorhomes (sometimes called Recreational Vehicles) are Genuine's second division. Motorhome service contracts come in a number of forms and there are six different types of coverage depending on consumer needs. Genuine is not considered a key player in the Motorhome service contract arena, except when it comes down to the luxury motorhome market. Their specialty is in motorhomes valued over $150,000 with no stated cap.

== Division #3 - Automobile Service Contract ==

Automobile service contracts are Genuine's third division. The specialty in this sector is again in the luxury and exotic markets. Genuine was first to market with unlimited mileage contracts for all Automobiles beginning in 2007, a move that has propelled them to dominate the market. Additionally, their coverage on an exclusionary and inclusionary level for exotic automobiles was the first to limit coverage to the value of the vehicle rather than a pre-determined claims limit. Their coverage for automobiles is named Factory, Factory Exotic, or Collector. Unlike their Motorhome and Marine divisions, the autombile service contracts are marketed through a number of affiliates who utilize Genuine as a third party administrator.

Future Divisions

In 2006, Genuine announced plans to develop an Aviation Service Contract program -- a move planned for release in 2009. The source for this article could not be located, however calls to the company confirmed their plans as well as numerous domain purchases for these areas such as jetwarranty.com.

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