What does Express Warranty mean? Read on to discover the definition & meaning of the term Express Warranty - to help you better understand the language used in insurance policies.
An express warranty is a verbal or written statement that assures the buyer that the merchandise sold meets acceptable levels of function, reliability and quality. It is usually valid for a specified time span and often indicates that the manufacturer will cover the cost of repair or replacement of the product if it does not meet certain standards. In terms of insurance, an express warranty acts like a policy that covers defects or damages to an asset.
We hope the you have a better understanding of the meaning of Express Warranty.