FAQ'S

“Without a service contract, will the OEM respond to our service needs in a timely manner?”

A common perception is that OEMs will not prioritize time and materials service calls, but there is no empirical evidence that response time suffers for time and materials customers. OEMs are highly motivated to respond to all service calls because they know poor service hurts future capital equipment sales. Most OEMs are customer service-orientated and will respond to all their customers, regardless of how they pay, based on the service need (is the equipment operating fully, partially, or not at all?). 

“Without an OEM service contract, will we lose free software upgrades?”

OEM salespeople commonly confuse upgrades and updates when discussing contract benefits. Software updates are modifications or corrections to existing software (aka bug fixes). The OEM provides them voluntarily, or the FDA mandates them if the bug impacts patient or consumer safety. Valid software upgrades are actual replacements of the existing software with newer versions. Upgrades typically have an additional cost, either itemized or bundled. If the contract offers actual software upgrades, we’ll help you evaluate its value and make an informed decision.

“Does Budget Guard require us to use inferior service providers and parts to save money?”

The quality of the service always depends on the service vendors you select to service your equipment and the replacement parts such vendors install. If an independent service organization is utilized to perform service on covered equipment, we will work with you to verify that the provider is qualified to provide service on the subject equipment and that any parts they source and install met or exceed OEM specifications.  

“How does Budget Guard guarantee our PM and repair (maintenance) budget?”

Unlike most of our competitors that write service contracts that may or may not be backed by insurance, Budget Guard offers an actual equipment maintenance insurance policy. Insurance companies are regulated by each state in which they conduct business and are rated for their financial strength and ability to pay claims.

“Can our in-house technicians provide service on equipment covered by Budget Guard?”

Yes! If your in-house technicians are qualified to perform service on equipment covered by Budget Guard, you can submit a service report for their labor and the cost of any parts that they replace, subject to the terms and conditions of the policy. The covered portion is applied to the aggregate deductible.

“Is preventive maintenance (PM) included in the Budget Guard program?”

Yes! Budget Guard covers both PM and repairs, per the terms and conditions of the policy. We match the PM frequencies shown in your current service contracts. If the contract does not specify PM intervals, we utilize the known OEM specifications. For medical equipment, we can adjust PM intervals upon your request if your organization utilizes an Alternative Equipment Maintenance (AEM) program.

“What documentation is needed to report a service event?”

A copy of the service vendor’s field service report and related invoice. For service performed on covered equipment by your in-house technicians, a work order generated by your internal maintenance management software or a manual work order with necessary details is acceptable. We’ll assist you with developing an acceptable report.

“When does service event documentation have to be submitted to Budget Guard?”

Field service reports and invoices are submitted within 90 days of the service event per the terms and conditions of the policy. We’ll work with you to develop an internal process to ensure these documents are collected and appropriately routed.

“When do service events have to be approved in advance?”

You only contact us when the service vendor estimates the service cost will exceed your policy’s large loss notification amount. However, if the equipment has critical service coverage, you may have the service vendor proceed without contacting us. You identify equipment that requires critical service coverage during program implementation.

“What happens if our total maintenance costs exceed the aggregate deductible amount?”

Each time a covered service event is processed, the approved amount exhausts the aggregate deductible. Suppose the total approved amounts exceed the aggregate deductible. In that case, you are reimbursed the excess amount per the terms and conditions of the policy, thereby capping your maintenance costs and protecting your initial savings.

“What if we want to self-insure our equipment maintenance program in the future?”

If self-insuring is your goal, we’ll work with you to establish a plan to transition from contracted OEM and ISO service contracts to Budget Guard and then eventually to self-insurance in a reasonable time frame. Because we share all equipment service data with you, this can be an opportunity for you to gain extensive time-and-materials service data while benefiting from the budget protection and savings generated by Budget Guard.

“Can we purchase your equipment asset inventory services without the equipment maintenance insurance program?”

Yes! Our physical inventory, data verification, data mapping, database cleansing, and in-house service management consulting may be purchased stand-alone and not tied to the equipment maintenance insurance program.

“We have the resources to perform a physical inventory in-house. Can we use your inventory software and data verification services for an in-house project?”

Yes! Your in-house team can utilize our cloud-based software, tools, and project management expertise to perform the physical portion of the inventory. This is a cost-effective and efficient way to get the job done because your team knows your environment and your internal department personnel very well. This is especially effective for organizations that want to limit the number of visitors to its facilities.

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