E & O insurance - InspectionNews

Wade Johnson · #1 (**permalink**) 01-10-2008, 08:04 AM

Hello everyone, who has the best deal on E & O insurance right now?

Nick Ostrowski · #2 (**permalink**) 01-10-2008, 09:23 AM

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

Scott Patterson · #3 (**permalink**) 01-10-2008, 10:04 AM

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.

Nolan Kienitz · #4 (**permalink**) 01-10-2008, 02:40 PM

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.

imported_John Smith · #5 (**permalink**) 01-10-2008, 05:07 PM

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

Trent Tarter · #6 (**permalink**) 01-11-2008, 06:41 PM

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.

John Ghent · #7 (**permalink**) 01-14-2008, 01:45 PM

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

Michele Dinneen · #8 (**permalink**) 01-23-2008, 10:05 AM

Also try NAPLIA North American Professional Liability Insurance Agency - Errors & Omissions Insurance for E & O.

Richard Stanley · #9 (**permalink**) 01-24-2008, 10:36 AM

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.

Carl Winters · #10 (**permalink**) 01-24-2008, 11:43 AM

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.

Richard Stanley · #11 (**permalink**) 01-24-2008, 03:21 PM

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.

Richard Stanley · #12 (**permalink**) 01-24-2008, 03:26 PM

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

scott hearne · #13 (**permalink**) 01-27-2008, 06:40 PM

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

Ben Garrison · #14 (**permalink**) 01-28-2008, 01:24 PM

Quote:

Originally Posted by Carl Winters

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

Jonathan Clevenger · #15 (**permalink**) 01-29-2008, 03:31 PM

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 Clevenger · #16 (**permalink**) 01-30-2008, 01:11 PM

Anyone????

Billy Stephens · #17 (**permalink**) 01-30-2008, 03:10 PM

Quote:

Originally Posted by Jonathan Clevenger

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.

Jonathan Clevenger · #18 (**permalink**) 02-06-2008, 12:54 PM

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.

Michael Thomas · #19 (**permalink**) 02-06-2008, 03:07 PM

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.

Billy Stephens · #20 (**permalink**) 02-06-2008, 04:43 PM

Quote:

Originally Posted by Michael Thomas

Well, just put the check in the mail to FREA,

The Party on the LEFT Coast has begun.