Originally Posted By: ddivito This post was automatically imported from our archived forum.
I’ve decided to stay with Allen Ins. The policy I have through them is ‘occurence’ based. They will cover any claims for an inspection, 4 years after the policy period. The Towers-Perrin insurance coverage is a ‘claims made’ insurance which will only cover during the policy period. It is less expensive at first, but if you want to extend the period of coverage it will cost you extra. If this is incorrect, please describe the difference in detail.
Originally Posted By: ddivito This post was automatically imported from our archived forum.
cbutler wrote:
if you are going to do this for 1-3 years - stay at Allen...
if you are going to do this for 10-15 years - move now to a claim made policy...
don't look at the short term savings, look at the long term...
As an FYI - you are paying about $1,000-$1,200 more a year for a Occurrence policy...
Savings would definitely accrue, but Allen Ins. is only a few hundered dollars more, even with the discount through NACHI..
My concern remains as to how long the coverage lasts per inpsection. How long I stay in the business seems irrelevent.
Originally Posted By: ddivito This post was automatically imported from our archived forum.
cmccann wrote:
Chris, doing a quick read over, how does this compare to most other E&O?
The policies are effectively the same. Just be aware that the Towers-Perrin Ins is a 'claims made' ploicy that covers only during the policy period, not on the 366th day.
Originally Posted By: bkelly2 This post was automatically imported from our archived forum.
I understood a claims made policy covered you as long as you renewed. So as long as you stay with Allen with a claims made policy you are covered. Am I wrong?
– “I used to be disgusted, Now I try to Be amused”-Elvis Costello
