Policy Purpose:
This Stop Loss Program policy is designed to provide financial protection to our customers by setting a limit on the out-of-pocket expenses incurred for tool repairs within a single calendar year. Once the expenses exceed this predefined threshold, the stop loss coverage will activate, limiting further personal financial impact to our customers.
Policy Scope:
This policy applies to all tools sold by Company A that are covered under the original warranty or extended service plan. The policy covers repairs needed due to operational failures and defects, excluding damages caused by misuse, accidents external to normal operating conditions, and unauthorized modifications.
Activation , Limitation & Exclusions:
The stop loss coverage activates when the accumulated repair costs for a single tool exceed the stop loss limit within the calendar year.Repair costs include parts, labor, and any other fees directly related to the repair process approved under this policy. Customers must submit all repair claims with appropriate documentation as specified in the claims procedure below.
Duration Of Coverage:
The Stop Loss Program coverage is valid for the calendar year in which the stop loss limit is reached and does not carry over to subsequent years. Each year, the stop loss limit resets according to the terms specified herein.
Modification to K&T STOPLOSS POLICY:
K&T reserves the right to modify the terms of the Stop Loss Program at any time. Any changes will be communicated to the customers through official channels and will take effect on the date specified in the notice.
Policy Purpose:
This Stop Loss Program policy is designed to provide financial protection to our customers by setting a limit on the out-of-pocket expenses incurred for tool repairs within a single calendar year. Once the expenses exceed this predefined threshold, the stop loss coverage will activate, limiting further personal financial impact to our customers.
Policy Scope:
This policy applies to all tools sold by Company A that are covered under the original warranty or extended service plan. The policy covers repairs needed due to operational failures and defects, excluding damages caused by misuse, accidents external to normal operating conditions, and unauthorized modifications.
Activation , Limitation & Exclusions:
The stop loss coverage activates when the accumulated repair costs for a single tool exceed the stop loss limit within the calendar year.Repair costs include parts, labor, and any other fees directly related to the repair process approved under this policy. Customers must submit all repair claims with appropriate documentation as specified in the claims procedure below.
Duration Of Coverage:
The Stop Loss Program coverage is valid for the calendar year in which the stop loss limit is reached and does not carry over to subsequent years. Each year, the stop loss limit resets according to the terms specified herein.
Modification to K&T STOPLOSS POLICY:
K&T reserves the right to modify the terms of the Stop Loss Program at any time. Any changes will be communicated to the customers through official channels and will take effect on the date specified in the notice.
Stop Loss Limit
The Stop Loss Limit is set annually for each customer per tool. Once the repair costs for an individual tool exceed this limit during a single calendar year, any additional repair costs for that tool will be covered by K&T under the Stop Loss Program.
Claims Procedure
Customers must notify K&T in email of a claim under the Stop Loss Program within 30 days of the repair date that causes the total annual repair cost to exceed the stop loss limit.Claims must be accompanied by detailed invoices and proof of payment for all repairs made prior to reaching the stop loss limit.
Annual Premium
As part of our commitment to providing exceptional value and service, we offer the Stop Loss Program to complement the one-year warranty on our tools. To activate this coverage, we kindly request that the Annual Premium be paid in advance. This proactive payment ensures that your tools are protected from excessive repair costs throughout the entire year, providing peace of mind and helping to manage unexpected repair expenses effectively. Please complete the premium payment at your earliest convenience to benefit from this extensive coverage