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Thread: E & O insurance

  1. #1
    Wade Johnson's Avatar
    Wade Johnson Guest

  2. #2
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    Spring City/Surrounding Philadelphia area
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    Default Re: E & O insurance

    You'll have to check around Wade. The two biggest carriers are Allen Ins. and FREA.


  3. #3
    Join Date
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    Spring Hill (Nashville), TN
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    Default Re: E & O insurance

    Another is Business Risk Partners, also known as BRP.

    They have a good program as well.

    If you are new you will not find a real good deal. Heck if you are experienced you won't find a real good deal either!

    It also depends on what state you are in. Allen does not write coverage in all of the states.

    Scott Patterson, ACI
    Spring Hill, TN
    www.traceinspections.com

  4. #4
    Nolan Kienitz's Avatar
    Nolan Kienitz Guest

    Default Re: E & O insurance

    Consider State Farm as well.

    Again, depends upon the state you live in as all carriers do not write coverage in all states.

    As Scott noted, being new will carry a higher price tag ... and actually none of it is a bargain.


  5. #5
    imported_John Smith's Avatar
    imported_John Smith Guest

    Default Re: E & O insurance

    I got a good quote from Landy Insurance. They were cheaper than FREA.


  6. #6
    Join Date
    Mar 2007
    Location
    Washington State
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    565

    Default Re: E & O insurance

    Wade take a look at these sites.
    Appraisers Errors & Omissions Insurance - Real Estate Home Inspectors Liability E&O Insurance
    North American Professional Liability Insurance Agency - Errors & Omissions Insurance
    There rates are lower than most, however not all E&O polcies are the same make sure that you are not just comparing cost.


  7. #7

    Default Re: E & O insurance

    Try Family Financial Group, in New Jersey. They write through AIG/Lexington and have very competitive rates. write to
    Bruce Mayer - bruce@ffgnj.com or Trevor Morris - tmorris@ffgnj.com


  8. #8
    Michele Dinneen's Avatar
    Michele Dinneen Guest

  9. #9
    Richard Stanley's Avatar
    Richard Stanley Guest

    Default Re: E & O insurance

    I just heard about another one - "Insurance by design"
    Located in Austin
    I haven't contacted them yet. A friend of mine says the rate he was quoted was 1200 - about the same as the State Farm that has been posted here. He has abaut 15 yrs in business.


  10. #10
    Carl Winters's Avatar
    Carl Winters Guest

    Default Re: E & O insurance

    Thanks for the info.; I'll keep this for future reference in case this other doesn't work out. They already have my money, when I reviewed the contract I saw they left some things off but they will penalize me if I leave which will cost me over $500.00. I always thought you had 30 days to review a policy to accept or not accept but they said no I would have to pay a % to cancel. I am checking some things out.


  11. #11
    Richard Stanley's Avatar
    Richard Stanley Guest

    Default Re: E & O insurance

    Here is the correct info.
    Insurance By Design - Home Page
    There is an application on this site.

    Email johnny@insurancebydesign.info

    He is in Garland, not Austin.


  12. #12
    Richard Stanley's Avatar
    Richard Stanley Guest

    Default Re: E & O insurance

    Carl, You might want to check with the Texas Insurance commission. That cancellation policy doesn't sound kosher.


  13. #13
    scott hearne's Avatar
    scott hearne Guest

    Default Re: E & O insurance

    I think that allen is alot cheeper that FREA. Check their price...


  14. #14

    Default Re: E & O insurance

    Quote Originally Posted by Carl Winters View Post
    I have used FREA for a number of years but premium continued to go up. I went with another firm this year, have not completely ironed out all the details, they keep leaving things off that I had requested; we'll see. I don't want to put out the name just yet. In this economy we are all looking for the best bang for the buck but you can not deal with these unreasonable insurance companies. I have been in business since 1994; never had to use and premium goes up every year. You have to make alot of inspections and hard to see a profit until you have satisfed all the fees and expenses. Maybe it is time for me to sell out. Anyone wants to buy me out call anytime 24/7. (ha, ha). Honest, you need to check around just like our clients are calling around looking for the best price.
    Carl:

    FREA has not raised rates since September of '05. The only thing we did was eliminate the association discount across the board a few years back. We also are offering a $100,000 policy in the state of TX (more to follow) in accordance with the new law.

    If you are looking at price and price alone, then you will ALWAYS find a cheaper deal somewhere else, I don't care what it is you're buying. Make sure you compare policies, deductibles, how they handle claims, etc., etc. You don't want to find out after the fact that your policy has exclusions for something you're being sued for.

    Ben


  15. #15
    Jonathan Clevenger's Avatar
    Jonathan Clevenger Guest

    Default Re: E & O insurance

    What amount of coverage is everyone getting? I know I need to have E&O insurance and general liabilty, but I'm unsure on the amount of coverage to have. Thanks!


  16. #16
    Jonathan Clevenger's Avatar
    Jonathan Clevenger Guest

    Default Re: E & O insurance

    Anyone????


  17. #17
    Join Date
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    Default Re: E & O insurance

    Quote Originally Posted by Jonathan Clevenger View Post
    What amount of coverage is everyone getting? I know I need to have E&O insurance and general liabilty, but I'm unsure on the amount of coverage to have. Thanks!
    Jonathan,

    If your State has a required $ amount that would be the least amount you could carry.

    I have 1 mill. E&O and 100 k general.

    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
    Billy J. Stephens HI Service Memphis TN.

  18. #18
    Jonathan Clevenger's Avatar
    Jonathan Clevenger Guest

    Default Re: E & O insurance

    Has anyone used (or thought about using and didn't) the "pay per inspection" insurance offered by Allen Insurance? Seems like it might be a good way to start out. Any opinions? One downfall I see is that it only covers claims made while you have the insurance.


  19. #19
    Join Date
    Mar 2007
    Location
    Chicago, IL
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    2,797

    Default Re: E & O insurance

    Well, just put the check in the mail to FREA - I guess you will all have to put up with me for one more year at least.

    Michael Thomas
    Paragon Property Services Inc., Chicago IL
    http://paragoninspects.com

  20. #20
    Join Date
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    Memphis TN.
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    Default Re: E & O insurance

    Quote Originally Posted by Michael Thomas View Post
    Well, just put the check in the mail to FREA,
    The Party on the LEFT Coast has begun.

    ***IMPORTANT*** You Need To Register To View Images ***IMPORTANT*** You Need To Register To View Images
    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
    Billy J. Stephens HI Service Memphis TN.

  21. #21

    Smile Re: E & O insurance

    Quote Originally Posted by Michael Thomas View Post
    Well, just put the check in the mail to FREA - I guess you will all have to put up with me for one more year at least.
    Thank you very much


  22. #22
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    Memphis TN.
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    Default Re: E & O insurance

    Quote Originally Posted by Ben Garrison View Post
    Thank you very much
    Michael,

    See You got a Thank You.

    My FREA is coming up I think in April.

    I'm going to Spread the payments over time.

    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
    Billy J. Stephens HI Service Memphis TN.

  23. #23
    John Remark's Avatar
    John Remark Guest

    Default Re: E & O insurance

    First Indemnity Insurance is fairly new in the industry (in the last 24 months or so). We have been able to save most Home Inspectors 10%-30% off their existing policies and in many cases increase their overall coverages. Our First Dollar Defense and Unlimited Tail/ERP coverage are key benefits we bring to the table (as well as our great pricing)

    The key thing to do (whoever you apply/go with), is to apply early (at least 90 days before your policy is up). Obtain a specimen copy of all the policies and compare the exclusions and limits.

    The least expensive policy that does not cover you for what you need is useless. The more expensive policy that covers you for more than you need is a waste of money.

    Make sure you understand the difference between claims made and occurence forms. Make sure your policy has the retro-date you deserve and have earned.

    Make sure you understand the planning needs of your policy. The key of which is the need to plan and save for your Tail/ERP coverage when you leave the industry. If this does not make sense to you, call your broker/agent. They should have explained this to you already.

    Make the agent explain the policy and go over it with you. I have been selling e and o to HI's for over a year now, and I am saddened by the lack of understanding that most HI's have about their policy, what is included and what is excluded.

    Make us earn our money. Invest some time in understanding what your hard earned money is going towards and buy the policy that is right for you and your business. Not all insurance is created the same or equal. The only way to make sure you are getting what you need is to understand and compare.


  24. #24
    Join Date
    Mar 2007
    Location
    San Diego, CA
    Posts
    30

    Default Re: E & O insurance

    We can help: Appraisers Errors & Omissions Insurance - Real Estate Home Inspectors Liability E&O Insurance. Very broad coverage and competitive rates. We can help. OREP.org


  25. #25
    Join Date
    Jan 2013
    Location
    British Columbia
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    18

    Default Re: E & O insurance

    My fellow Canadians!

    I know this is an old thread, but it seems to be the most appropriate for my concern.
    I'm in the process of renewing my E&O insurance and reading the policy details, I notice that it will not cover anything that remotely refers to mould or fungi.

    I'm in BC and this insurance is a requirement to maintain my license. Does anyone know of an insurance company whose policy does not exclude mould?

    Thanks,
    Doug

    Checkpoint Home Inspections
    www.checkpointinspections.ca

  26. #26
    Join Date
    Mar 2007
    Location
    Windsor Ontario
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    268

    Default Re: E & O insurance

    Quote Originally Posted by Doug Campone View Post
    My fellow Canadians!

    I know this is an old thread, but it seems to be the most appropriate for my concern.
    I'm in the process of renewing my E&O insurance and reading the policy details, I notice that it will not cover anything that remotely refers to mould or fungi.

    I'm in BC and this insurance is a requirement to maintain my license. Does anyone know of an insurance company whose policy does not exclude mould?

    Thanks,
    Doug
    Have you tried HUB International?
    Home Inspect Plus | HUB International Limited

    Not intended to be a solicitation or endorsement. However many of our "certified registrants" carry their coverage.


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