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Contract News
SCC'S Bureau Of Insurance Advises Consumers Regarding Home Service Contracts
RICHMOND -- Effective July 1, 2006, the State Corporation Commission’s (SCC) Bureau of Insurance will have the authority to license entities as home service contract providers.
A new law adopted by the 2006 General Assembly (House Bill 383) established a regulatory framework for providers of home service contracts which includes licensure. These providers will be able to issue home service contracts that are similar to home protection insurance contracts, which are currently regulated by the SCC.
Both types of contracts are designed to offer consumers some financial protection against certain unforeseen home and appliance repairs and maintenance expenses that may not be covered under standard homeowners insurance policies. These may include failure of a home appliance or major system (such as electrical, plumbing, heating or air conditioning) due to normal wear and tear or mechanical breakdown. In the case of home protection insurance contracts, coverage may also include structural components of a residential dwelling such as roof, foundation, basement, walls, ceiling, or floors.
The SCC’s Bureau of Insurance advises consumers that there are important differences between home protection insurance contracts currently regulated by the Bureau, and home service contracts that become regulated on July 1. Although some features appear to be similar, home service contracts are not insurance.
Parol Evidence Rule' Forbids The Change Of Terms Of A Written Contract
The parol evidence rule enacts a principle of the common law of contracts that presumes that a written contract covers the agreement between the parties involved. It forbids the introduction of extrinsic evidence which would change the terms of a written contract.
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Definition:
A mutual consideration which passes between the parties to a contract, and which renders it valid and binding.
Futures Contract
Definition:
A contract for the future delivery of a specified commodity, currency or security on a specific date at a rate determined in the present.
Avoidance Of Contract
Definition:
The legal cancellation of a contract because an event occurs that makes performance of the contract terms impossible or inequitable and that releases the parties from their obligations.
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