That’s a very rare event. Most claims have no merit (they are not made because of inspector negligence). What I want is for my insurance company to first, help settle the bogus claim amicably and if that doesn’t work, fight it. Either way… my inspection company’s reputation is preserved.
Our rates are standard for everyone with the exception of new Inspectors who generally get placed in our “Candidate” coverage. 1 MM policy with a $1,000 deductible is $3295/year and the GL is free for all InterNACHI members. Not the cheapest game in town but I would be careful about any policy that costs less than $2500, just like you would tell me to be cautious of an inspector willing to inspect my house for $75. I’ve spoken to Jim Russell a few times and he claims to have figured out how to insure inspectors who do not get claims. Which, according to him, is why they can offer the rates they do. But like Nick said, the majority of claims are meritless so regardless how much education an Inspector has, some claims are unavoidable because it’s a reflection of the home buyer, not the quality of the inspector. You would be shocked to see how outrageous the claims are becoming.
That said, NO insurance carrier is immune to that which is why you will see a rate increase from GREI in the future. Simply put, they are not collecting enough money to offset the risk they’re assuming. Any one of the reputable insurance providers will tell you that as well. From a consumer standpoint, i.e yours, if you have a low rate and you feel comfortable and confident in the policy you’re carrying then by all means you’re doing the right thing.
How about for MOLD Assessor in Florida> 1M. What is the fee?
Interesting Discussion thread.
I have not heard of any carriers in the market place rampantly denying claims, or mishandling the claims process, regardless of their experience in the marketplace or their rating. To say otherwise is misleading at best.
“Simply put, they are not collecting enough money to offset the risk they’re assuming. Any one of the reputable insurance providers will tell you that as well.”
It is possible that these “unreputable companies” have a better business model than the companies that have all the “experience” and can therefore offer similar coverage for less.
Of course… for now. But I would like to see “similar coverage for less” continue to be offered year after year with no rate increase.
If a carriers rates go up, they can always reshop their policy. The carrier they switch to will pick up the Retroactive Liability. So they are free to move at will. It’s not good for the Carriers and Insurance Brokers, because they have to work harder for the business, but competition is good, it drives down prices.
Should pick up the retroactive liability and it* should *be free of charge. It would not surprise me if some stop doing that however.
I encourage inspectors to shop their insurance around just the way I do with my auto, health, etc., etc. It’s in their best interest and if they are comfortable with the policy and what it includes, and what it excludes more importantly, and the price is better more power to 'em.
I have heard of carriers who have grossly mishandled claims and brokers/providers who demostrate poor service resulting in loss of coverage, both existing and prior acts. Service should be a big consideration as well.
I have heard of this as well.
I now go for the lowest possible coverage with the Highest tolerable deductible myslef. I believe it is I that provides myself the best service.
I am my own best advocate and figure the savings up front will do me well if ever the fit hits the shan.
Just wanted to say thank you for the tremendous response to the new program. Our new website should be up by the end of the year with new links to your State Licensing Boards, State Associations, Industry Links, Online Certificate and Policy Change Requests. Thanks for bearing with us.
Fort Baker Insurance
Just wanted to add… Kevin Healy from Fort Baker Insurance took care of me. It seems to be getting tougher to find GL stand-alone policies in California… One really has to search now!!! Hartford wants… $900 State Farm wants… $1300!!!
just for 1 million / 2 million agg…
Kevin is hooking me up with CNA Insurance for GL, price is $500… half the price (same coverage), and its about the same rate as what I used to pay with Mercury Casualty… Kevin is quick to get the docs to you, and will give you some good insight on this business.
His E and O insurance quotes are also good… I already signed up with GREIA, which there service is Excellent as well… Sarah is outstanding!! For $1753 out the door… 1 million E and O is tough to pass up…
As for customer service, all of you are right… Its getting harder to find. STATE FARM screwed me over this year… initially quoted me for $250, I thought I was getting a great deal… no word, or contact for two weeks… I call the Agent… here was my response " Oh, Mr. Watts, I am sorry I meant to call you and inform you that the underwriter quoted this incorrectly, your GL premium is actually $1300…" I told them, thanks for almost screwing me with a lapse… If I wouldn’t have followed up, I would have been screwed… I no longer trust State Farm, and they are expensive!!
I always thought in mind that State Farm was reputable… however, I will NEVER get another quote from them again… FORT BAKER AND GREIA are my FIRST CHOICES!!!
I like FREA’s policy… just high in price… And yes, I am sure you get what you pay for… however, I don’t have that luxury, I am married and my wife takes all of my money!!! IF FREA can creep down to $2500 range for E and O and GL… I am sure they will provide some fierce competition…
I just upt mine to 1 Mill for $133 a year!!
They only cover 14 states “midwest states mostly” give them a call!
That’s the best deal I have ever seen… unfortunately they don’t cover out here in California, the “Litigation Nation” state…
Look at the bright side, we have not raised our membership rates in over 6 years
And as soon the claims start to decrease, maybe our rates will as well.