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The Magnuson–Moss Warranty Act (P.L. 93-637) is a United States federal law (15 U.S.C. § 2301 et seq.). Enacted in 1975, the federal statute governs warranties on consumer products. The law does not require any product to have a warranty (it may be sold "as is"), but if it does have a warranty, the warranty must comply with this law.
In law, a warranty is an expressed or implied promise or assurance of some kind. The term's meaning varies across legal subjects. [1] In property law, it refers to a covenant by the grantor of a deed. [2] In insurance law, it refers to a promise by the purchaser of an insurance about the thing or person to be insured. [3]
Warranty claims historically required privity between the injured party and the manufacturer or seller; in plain English, they must be dealing directly with one another. As noted above, this requirement was demolished in the landmark Henningsen case. Breach of warranty-based product liability claims usually focus on one of three types:
Cyber-insurance is a business lines insurance product intended to provide coverage to corporations from Internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and activities related thereto.
Homeowners warranty insurance, commonly known as a home warranty, is a service contract that covers repairs or replacements of major home systems and appliances due to wear and tear. It differs ...
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
What full-coverage car insurance includes. A full-coverage auto insurance policy combines three key protections — liability, comprehensive and collision coverage — into one complete package.
After occupancy, the warranty covers defects in the builder’s workmanship and materials. It lasts for a total of seven years and is divided into three coverage periods. If a home is sold during its warranty coverage periods, the coverage remains on the home and is transferred to subsequent homeowners.