Texas Inspectors - Tails Insurance

[imported_John Smith]

Thought hard about it last year, but decided to retire this year. Getting too old to climb in hot attics...............

Please correct me if I am mistaken, but I believe my liability only applies to 2 years after the inspection date?

Contacted a couple of insurers to get estimates on tails insurance. Kind of surprised at the expense (as much as insurance when I am inspecting).

Any advice or leads to better insurance rates?

Learned a lot from folks on this list and will miss the enjoyment I get from doing the work. Hopefully it will give some younger guys more of a chance to start their businesses.

[Niccole Barnes]

Tail coverage can only be bought from your current insurance company.

Tail coverage extends the time period in which you can report a claim. Your limits will be exactly the same as your current policy as will your coverages. On average, a tail policy costs any where from 100%-150% of your expiring premium. I believe FREA's tail policy may only cost 75% of your expiring premium. Again, the problem is that you can only buy tail coverage from your current provider.

Some insurance companies will give you a discount if you purchase two years at once rather than one year at a time.

Just as an FYI - tail coverage is almost always fully earned. Meaning you have to pay for it in full. You cannot finance premium.

Hope that was helpful.

[Ben Garrison]

Niccole is correct. You have to purchase it from whoever is currently carrying your E&O insurance. Typically paid in full and there should be various options in terms of how many years of tail insurance you can buy.