As a trusted facilitator in warranty administration services, service programs, customer service support, claims processing and service contract, Approved Surety offers comprehensive and specialized third-party administration for a variety of warranties, including Tarion Bond, Excess Condominium Deposit Insurance, Automobile, Brown and White Goods, and Manufacture’s (extended) programs.
Approved Surety promises unparalleled customer service and the most industry competitive coverage in Canada. We have the tools and knowledge to facilitate all of your client’s warranty needs.
This enables our programs to be the lowest possible cost to our broker partners and their respective clients. Those programs include:
Approved Surety provides Tarion Warranty Corporation Bonds to new home and condominium builders that satisfy Tarion’s security requirements. The bond provides protection to Tarion from any deposit losses or risk up to $20,000 per unit, and after title transfer, the subsequent one-year and two-year warranty coverage provided by Tarion to purchasers. Approved Surety offers competitive and creative solutions designed to free builders from tying up their cash in Letters of Credit. Excess Condominium Deposit Insurance is also available to provide protection to the purchasers of new condominium units in excess of the initial $20,000 that is covered by Tarion.
EXCESS CONDOMINIUM DEPOSIT INSURANCE
Approved Surety provides insurance for deposits in excess of the Tarion warranty protection of $20,000 for condominium homes and $40,000 for freehold homes. Under the Condominium Act, the purchaser. However, the Condominium Act, 1998 permit builders to withdraw these monies from trust as long as the developer provides an Excess Condominium Deposit Insurance policy for the project.
In addition, Approved Surety offers deposit insurance on projects that fall outside of the Tarion warranty coverage such as condominium conversions and commercial condominiums.
A contract issued by an automobile manufacturer or dealer (sometimes backed by insurance) that promises to perform certain repairs or services to a specific automobile.
MANUFACTURE’S EXTENDED WARRANTY
A contract or agreement under which someone other than the manufacturer assumes the cost of repair or replacement of a product due to mechanical breakdown, wear and tear, deterioration or other reasons.
BROWN AND WHITE GOODS (MAJOR APPLIANCE) WARRANTY
A contract or agreement that promises to repair or replace items that fall under Appliance & Electronic or Brown and White Goods extended warranty programs for manufactures and distributors.