RE: Warranty Gold
Attention. If this is your first time to visit this site, please review it in its entirety. The information contained here will answer your questions regarding Warranty Gold's present status and the National Warranty situation. If you have visited this site before, please note updates to previous information.
Why we Launched this Website
Purpose. This website is part of a communications effort to ensure that Warranty Gold customers who purchased their contracts prior to June 7, 2003 remain informed about developments that impact their extended service contracts.
Though this site is intended to inform Warranty Gold customers about the actions we are taking to remedy the situation, some of this information may be relevant to all extended service contract customers affected by the National Warranty Insurance Risk Retention Group situation and Warranty Gold's current reorganization. This website will provide Warranty Gold customers who purchased an extended service contract insured by National Warranty prior to June 7, 2003 with information regarding Warranty Gold's efforts to recover the funds we deposited on our customers' behalf with National Warranty and Warranty Gold's efforts to maximize any recovery by the pre-June 7 customers on behalf of their contracts. Please check back for updated information.
Overview
Warranty Gold contracts purchased after June 6, 2003 are not affected by either the National Warranty situation or Warranty Gold's reorganization
National Warranty's Liquidation. National Warranty Insurance Risk Retention Group, the administrator and insurer of Warranty Gold extended service contracts purchased prior to June 7, 2003 was recently declared insolvent. National Warranty is responsible for paying claims from monies deposited by Warranty Gold on behalf of our customers, and, if those funds prove insufficient, to pay all additional claims from the insurance paid for by Warranty Gold. A court has frozen National Warranty's assets for liquidation. This has resulted in a delay of payment for repairs performed under many companies including Warranty Gold service contracts purchased prior to June 7, 2003.
National Warranty's insolvency has impacted approximately one million consumers and numerous extended service contract providers, like Warranty Gold, across the country. But, our primary responsibility is to Warranty Gold customers.
Warranty Gold's Reorganization. It is important for you to know that Warranty Gold remains in business. It is necessary for us to stay in business in order to work for you and be able to honor any repair claims that must be resolved. We also remain in business to stand behind our reputation and to provide the level of service Warranty Gold is known for, today and for years to come. However, as a result of National Warranty's liquidation and the inability to quickly recover funds sufficient to either pay all of the repair claims and pro-rated refunds accruing under the contracts issued prior to June 7, 2003, Warranty Gold has sought the protection of Chapter 11, Title 11, of the United States Code. Warranty Gold is in the process of a court-supervised reorganization of its assets and liabilities. Through this reorganization, Warranty Gold intends to dedicate and set aside sufficient assets to hopefully pay claims arising from the pre-June 7 contracts. To assist customers affected by National Warranty's liquidation and Warranty Gold's reorganization, this web site has set out specific information for the Warranty Gold customer to participate in a distribution on these claims:
Click here if you purchased your Warranty Gold contract before June 7, 2003, and to view more information on Warranty Gold's reorganization
Click here if you purchased your Warranty Gold contract after June 6, 2003.
