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Create an Asset Warranty

To assign a warranty term to an asset, create an asset warranty. Specify any extensions or exclusions for the assigned warranty term.

Required Editions

Available in: Enterprise, Unlimited, and Developer Editions
User Permissions Needed
To create and update Asset Warranties: Warranty Lifecycle Management permission set
  1. From an Asset record, on the Asset Warranties related list of the Related tab, click New.
  2. Provide these details.
    Field Description
    Warranty Term The warranty term that this asset warranty term extends.
    Start Date The date on which cover under this asset warranty term starts.
    End Date The date on which this asset warranty term expires.
    Asset The asset this asset warranty term applies to.
    Price Book The price book associated with this asset warranty term.
    Warranty Type The type of the warranty.
    Exclusions Description of any exclusions.
    Exchange Type The type of exchange offered by this asset warranty term.
    Transferable Indicates whether the warranty term can be transferred to a new owner.
    Labor Covered The percentage of labor covered.
    Labor Covered End Date The date on which cover for labor ends.
    Parts Covered The percentage of parts covered.
    Parts Covered End Date The date on which cover for parts ends.
    Expenses Covered The percentage of expenses covered.
    Expenses Covered End Date The date on which cover for expenses ends.
  3. Save your changes.
    An Asset Warranty record
Example
Example

The warranty manager at Thomas Railways Equipment, Inc., a manufacturer, defines a warranty term to cover all assets for their Pneumatic Drill product with the following details.

  • Warranty Term Name: Pneumatic Drill Standard Warranty
  • Active: True
  • Warranty Type: Standard
  • Labor Covered: 60%
  • Expenses Covered: 50%

She creates a product warranty term to assign the warranty term to the Pneumatic Drill product. After a partner requests the warranty manager to extend the labor coverage for their Pneumatic Drill B62 asset to 85%, the warranty manager creates an asset warranty term. She specifies the following details for the asset warranty:

  • Warranty Term: Pneumatic Drill Standard Warranty
  • Asset: Pneumatic Drill B62
  • Labor Covered: 85%

The asset warranty extends the labor covered for the Pneumatic Drill B62 asset to 85% but the expenses covered for the asset remain 50% as specified in the standard warranty term.