Roofing Industry Warranty Agreements: The Devil is in The Details
Rick Lewis, President & CEO of Fortis Warranty, gave host Tyler Kern an upfront and honest look at the state of roofing industry warranty agreements. Long-term warranty strategies seem to be the trend amongst industry competitors, according to Lewis.
“At least in the commercial roofing space, we’re seeing warranties upward of 30 years,” Lewis said. There are even some instances of longer terms. But as Lewis warned, the devil is in the details to understand what is in that warranty contract. Are there exceptions and exclusions that make that warranty not as valuable as first thought?
One type of warranty that feels like a freebie is the material-only warranty Lewis said is popular with many roofing manufacturers. This type of warranty may help the manufacturer get around UCC liabilities, but is it providing the buyer with the right protection level?
Lewis stressed the importance of understanding the roofing warranty document.
“That document is pretty critical from the standpoint of a consumer in terms of these commercial roofs. You do need to dig into the details of these one-to-three-page documents. What’s included in these pages are substantial advantages for the seller over the buyer of this product.”
What does Lewis think makes a difference for the commercial roofing industry? Fortis warranties do not include a UCC disclaimer requirement, which gives power back to the buyer. Fortis warranties contain limited exclusions compared with standard manufacturer’s warranties, and they are transferrable, which provides needed flexibility when a selling a building.
Latest
Insurance Companies Should Weight the Growth Potential With Risks When Considering Offering ACA Plans
The 2023 open enrollment for ACA health plans saw a 13% increase over 2022. Melanie Musson, an insurance expert with USInsuranceAgents.com, says, “Insurance providers have an opportunity to enter or expand in this growing market, but they should practice caution.” The 2023 Open Enrollment Period (OEP) for Affordable Care Act (ACA) Marketplace health insurance plans […]
Setting Standards for Success
Winning the day isn’t just about making every day count – it’s about shifting your mindset to set standards for success and better understand and value the work that goes on behind the scenes – so that you can be as successful as you work to be. Where can you start? In this inaugural […]
Disruptive Leaders: Disrupting Tradition in the Leadership Space
Leadership in the workplace has been ever evolving for years now, despite the commonplace leadership traditions most places try to abide by. But leaders must adapt to new and modern changes, as it’s expected that a lot of factors pertinent to leadership will change in the next 10 years, according to Gartner. Disruptive leaders […]
