just a question.. goes for any retailer..
you buy the TV, spend extra on warranty and the company disappear into the ether - is the warranty direct with the retailer or a 3rd party ?
Ask the retailer for the name and address of the insurance company backing/admistering the warranty. When Miller Bros went bust all their warranties were unaffected. The warranty is still there and will pay for any repairs.
When Tempo went bust their most recent warranties, that they just did themselves, went with them.
There is a half way method. Retailers can underwrite the guaranties themselves in a "Ring Fenced" account. If they go bust the creditors cannot touch the money, it can only be spent on customer repairs. Though if the money runs out that's it, unlike an independent insurance company.
The retailers themselves cannot touch the ring fenced money or spend it on anything else. Tempo's cover used to be ring fenced but they quietly changed this a couple of years before going under so anyone before that date was okay, anyone after was screwed since they'd spent all the money.
The problem is many sales staff may not know the exact situation and/or may just say anything to get your money. Miller Bros used to use an independant insurance company but changed to a ring fenced account many years ago. Sales staff who asked "Is it still independantly underwritten?" (As this was a big selling point of the old cover) were just told "It's safe, take our word for it"
Millers then sold the ring fenced account a few years later so it became an independant warranty.
If you're thinking of buying a warranty ask for a leaflet showing the name and address of the company backing the cover or make sure you get a written policy there and then with those details. Key point is "Backed" or "Provided".
If it says "Administered" then it may just be a company administering a ring fenced or non ring fenced account on behalf of the retailer and the money may disappear or run out.
The opposite can also happen. Many, many, years ago the independent insurance company Miller Bros used went bust! Miller Bros, having given all the policy money to them decided to honour all the claims out of their own pocket. Legaly they could have refused but they paid them to keep their customers happy.
