Buy back + E&O w/ GL

I saw a few months back Nick was offering free E&O and General liability insurance to anyone who participates in the buy back program. Is this still a thing or was it ever?

He announced a pilot program but I don’t see any follow up on it.

https://forum.nachi.org/t/coming-soon-free-e-o-insurance/165228

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Did you email Nick as one of the 500 to start this program, if you are interested?

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Thanks I’ll do that right now!

Y’all should go through the Archives and read the long history about Nick and his “Announcements”!!

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For sure. My favorite from many years ago was that Nick/Nachi landed millions of inspections of Bank foreclosed homes. And newbies would find the old thread and sign up years and years after. Of course nothing ever happened with that.

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… and then there was the newspaper (Nachi Newsletter) boxes in front of every RE Agency nationwide…!!

I think I remember something like free seller inspections paid by INachi.

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Without these great ideas there would be no InterNACHI.
Nick, I believe and always have.

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The pilot ran and all went well. The www.nachi.org/buy program resolves a lot of complaints for a lot of inspectors which in turn resolves them for their insurance companies, so I’m trying to tie it to www.nachi.org/insurance-pr . Why? Because with fewer claims I can drop the premium rates for E&O insurance even further. Right now, no can touch what InterNACHI’s insurance company charges because we own the company and so don’t have to pay sales commissions. Every other company in our industry are merely salespeople for some big underwriter. So in that sense, we succeeded. But I want to drop them further and to do that, I have to intermingle them. This is ultimately going to lead to a new Financial Services Dept at InterNACHI.

The free inspections paid by sellers was killed by your own fellow inspectors. Go back and read the ridiculous, conspiracy-filled opposition to it. One inspector in Texas even filed complaints with authorities over it.So that’s dead and I have no plans on relaunching it again.

Anyway, two totally different projects. One in progress, one dead.

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I’m fairly certain there are only 5 million transactions in the U.S., so there would be no way of “landing millions of foreclosed homes.” LOL. Perhaps you are thinking of the hundreds of thousands of inspections we landed with www.nachi.org/roof and continue to. That program is still running smoothly and has generated many tens of millions of dollars worth of inspections for our members.

That’s a third program that is also different than the other two aforementioned and has been running for about 10 years making members lots of money in both the U.S. and Canada.

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That’s a total of 7 different programs mentioned, none related to each other. I’ll recap them all now for you:

Here are the totally-unrelated programs you guys brought up and their current status:

  1. Creating our own insurance company where we own the company outright and thus don’t have to pay sales commissions and don’t have to rely on an underwriter, and so can offer the best service and really low prices.

STATUS: Completed and operating for a year: www.nachi.org/insurance-pr. We already have a very large book of business that we built in less than one year.

  1. Creating a system where sellers can have free home inspections and then charge buyers pay-per-view. InterNACHI would front the fee to the inspectors.

STATUS: I killed it after many members thought it was a conspiracy to take over the industry or some crazy thing. One even filed a legal complaint with TREC. I have no plans to relaunch.

  1. Creating a program where if something goes wrong, InterNACHI buys back the entire home with cash.

STATUS: Completed and operating for many years: www.nachi.org/buy. It’s become a killer marketing program and has saved quite a few members’ careers.

  1. Creating a program where members get paid for doing all of the roof warranty inspections in the U.S. and Canada.

STATUS: Completed and operating for many years: www.nachi.org/roof. Generated tens of millions of dollars for members.

  1. Creating and running a pilot program that combines #3 with #1 so that E&O insurance would be provided free to participating inspectors. Lots of state legal issues on this one.

STATUS: Completed the pilot and I’d grade it a B+ in terms of success. It is likely to lead to an entirely new Financial Services Department of InterNACHI.

  1. Creating a newsletter and sending it to every agent in North America.

STATUS: Completed. The program ran for about 14 years and only stopped when we had spam complaints. We even had a cool logo for it which you can see on this archived page: https://www.nachi.org/buyersrealtorsenewsletter.htm

  1. Creating a sponsored race car.

STATUS: Completed. Then we did the Ultimate Inspection Vehicles as well and took it to different inspection events, sponsored by inspection industry vendors. Here are some PICs: https://www.nachi.org/vegas2007.htm And some more PICs: https://www.nachi.org/exposure.htm. We also had Paul Sr. build us a chopper with InterNACHI and CMI® embedded into the chrome: Hot PICs of the PRO-LAB/InterNACHI Orange County Chopper in Vegas.

If you ever need to know the status of any program we tried to launch, just let me know.

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I signed up for this but to my demise no calls in Alaska at all.

Do you plan on running a pilot again? I’d love to enter or sign up for it.

I signed up for the initial 500 and have never heard anything. Was the “pilot” something separate from that?

I didn’t choose everyone. Were you participating in www.nachi.org/buy at the time?

I don’t recall a free GL insurance program, but I might have tried something along that lines, I just don’t have any recollection of it and so consider it dead. I’m only working on E&O.

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You’re doing great with ideas, Nick. Some work and some don’t. What about the race car for advertising InterNACHI. :racing_car: