$300,000 general liability and E&O insurance?

[rfessler1 (Ryan Fessler, HI10797)]

i like to pay the yearly amount up front (for a discounted rate). i paid $1271 for GL and E&O last year.

what are you guys paying per year for this? i keep hearing E&O is where inspectors get hit. So this year im thinking of going state minimum on GL. Not sure how much i’ll need for E&O. I have been in business 2 years with no claims so far (thank God).

i know insurance is a racket but has anyone here dealt with a claim? i wanna be ready if that ever happens. Do i even need E&O? my policy has a $2500 per claim deductible

[srechkin (Simon Rechkin)]

murphy’s law, the moment you cancel EO they will serve you.

[lkage (Larry Kage, CMI)]

@rfessler1

i like to pay the yearly amount up front (for a discounted rate). i paid $1271 for GL and E&O last year.

what are you guys paying per year for this? i keep hearing E&O is where inspectors get hit. So this year im thinking of going state minimum on GL. Not sure how much i’ll need for E&O. I have been in business 2 years with no claims so far (thank God).

i know insurance is a racket but has anyone here dealt with a claim? i wanna be ready if that ever happens. Do i even need E&O? my policy has a $2500 per claim deductible.

Ryan, it really depends on your assets and what you can afford to loose personally, because if you have a claim, you can bet you will be named, too.

See bolded above; Can you afford to pay out if the wind catches your ladder and it hits the sellers kid in the head? Just a thought…

Insurance has come down so much from when I was in business that prudence should prevail, IMHO.

I carried $1 mil E&O and $2 mil. Gen. liability, I believe.

Food for thought and I don’t know FL requirements.

[mgoldenberg (Marc Goldenberg, Inspector # HI1365)]

Ryan saw this but gotta go. I’ll be back.

[ddagostino (Dominic DAgostino, CMI HI3957)]

@rfessler1

So this year im thinking of going state minimum on GL. Not sure how much i’ll need for E&O.

The Florida state minimum is GL at $300,000. Most agents suggest the E&O policy to be at least the same.
Get some quotes and decide. Try Elite/MGA

Get a Quote - EliteMGA, LLC

[mgoldenberg (Marc Goldenberg, Inspector # HI1365)]

State law for mold assessors. Pretty outrageous.
I have to carry $1,000,000 E&O so I have it on everything I do including termite.

https://orep.org/home-inspectors-eo-insurance/

[sjohnson7 (Scott Johnson)]

You guys south of the 49th are lucky. I just wrote a cheque for $2700.00, up from $2300.00 last year. GL & EO. No claims in 8 years of business. (Maybe shouldn’t have said that out loud) My broker said it would have been a lot worse with a claim. I am aware of one guy whose premiums got jacked so high he figures it’s an invitation to leave. Blessings should be counted.

[ryoung7 (ROBERT YOUNG, CMI)]

@rfessler1

what are you guys paying per year for this?

<$4,000.

Whats your deductible per occurrence?

[dhorton2 (Daniel Horton, CMI®)]

I have MGA, eo and gl, but I’m paying 2300.
I price checked with one other and they were pretty much the same…

[rfessler1 (Ryan Fessler, HI10797)]

i just get the feeling im gonna be screwed regardless if i ever get a claim. insurance agents have so many fine print loop holes. has anyone here ever had a claim made against them? would be great to hear advice from them.

[lkage (Larry Kage, CMI)]

Just remember that we have a “legal” system not a “justice” system and report everything that you see and/or defer it out to a qualified professional.

[mkuehnl (Michael Kuehnl, MD LIC #33468)]

If you are a new Home Inspector and use Home Gauge as your reporting software, they have introduced VERY affordable E&O/GL at 1,000,000/1,000,000 ($1,000 deductible) and it’s a pay as you go setup. $270 (total) for the first 25 inspections, then $20 per inspection up to 100… then it drop to I think $10 per inspection. Only available if you use HomeGauge – but something to think about…

[cpool2 (Cory Pool, CMI)]

I carry $1 million dollars of E&O, I used to use OREP but now use Ben Garrison at Elite/MGA. Best service ever! He really looks out for his clients and you actually get an explanation of your policy. Very easy to work with and I highly recommend. I carry so much because once you start looking at the pricing it does not make sense to go cheap on this valuable policy. I also have 5 inspectors and as they say it’s not if it’s when. Every 2nd billboard here in Florida is for an attorney. Just pay attention to your Pre-Inspection Agreement and make sure an attorney/InterNACHI looks at it. We also NEVER NEVER issue or perform an inspection without it signed. We use ISN so it’s never an issue. No ticket, no laundry!

Ben can be reached at 302-690-9839.

Cory

[jdepiero (Joseph DePiero, CMI OH 2019004114)]

I also use Elite/MGA. 1 million E&O, 2million GL. Shop around, rates vary a lot.

[asamad (Abdul Samad)]

@rfessler1

i like to pay the yearly amount up front (for a discounted rate). i paid $1271 for GL and E&O last year.

what are you guys paying per year for this? i keep hearing E&O is where inspectors get hit. So this year im thinking of going state minimum on GL. Not sure how much i’ll need for E&O. I have been in business 2 years with no claims so far (thank God).

i know insurance is a racket but has anyone here dealt with a claim? i wanna be ready if that ever happens. Do i even need E&O? my policy has a $2500 per claim deductible

which company you’re using? i am also looking for general liability for my business and want to know best coverage…Let me know, thanks

[rfessler1 (Ryan Fessler, HI10797)]

Call John Remark
202-465-4306

Tell him I sent you. He’ll find a good deal for you

[mfellman (Matt Fellman)]

Ben Garrison at Elite MGA is great - I’ve been with him for years and he gives an InterNACHI discount. I do 500/500 with 5K deductible and pay around 3K/year for a 4-man company with a claim a few years back. The claim was small as far as claims go at about 30K total cost (only attorney’s fees as we won!).