I had Joe give me a quote, but it came in a little higher than what I am currently paying.
I think it probably depends on your area as to whether or not oyu see significant savings.
I mention this since I have had some potential newbies ask me recently about E&O and what the going rate was. They thought from these kinds of posts that NACHI discounts it for them off the standards price. It is not necessarily the case - it MAY be lower, maybe even alot lower (like Russ) - but it also may not be the best deal.
When buying insurance, there’s many things to consider besides the cost of it. For instance, I’m equally interested in integrity and loyalty, and want to feel confidant that I won’t be dropped if I’m victimized by a frivolous lawsuit. Why? Because that’s exactly what happened to me. I’m proud to say that the representative of my current insurance company is not just my agent, he’s a trusted friend and advisor. However, I’m not going to say in a public forum who that is, but I will say that if my premiums were a thousand dollars higher than that of other companies that I would never switch. The representative of my company explained my coverage to me, and needed to. Why? Because the average inspector, myself included, could never hope to understand the legalese, and all policies are not equal. In fact, I suspect that there are only a few inspectors who have actually read their policies, yet alone understood them. Money is not the root of all evil, it is the counter by which culture is distributed, but don’t let cost alone sway your decision.
Excellent points, Keith. And that is precisely why the membership needs to get behind this program. As an individual, you are really at the mercy of the insurance carrier’s whim. As a member of a huge organization - the 800 pound gorilla in our industry - that is providing the insurance carrier with millions of dollars in premium, you have a lot more leverage because the organization has a lot more leverage with the insurer. I am in continuing contact with this insurer and our broker and they are committed to making this the premier professional liability program in our industry.
We currently have about 8000 US members. If, say, 4000 members embrace the program, that gives me a lot of clout with this insurance carrier and this insurance broker. I actually have a lot of clout already - my calls are returned, my opinions are solicited, inevitable glitches are squared away in a timely fashion - but nothing near what I will have when we have 4000 insureds.
We are going national with the program on July 1 and are expecting a torrent of applications after we do. Chris Morrell, our Webmaster, is currently working to upgrade the web interface and make it more user friendly for the membership. This is a great program and the vast majority of our members are saving a lot of money with it.