E and O Insurance

Originally Posted By: jzimmerman
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I am a new member to NACHI and a rookie in the home inspection profession. I am setting my own business and would like to know if anyone can recommend an affordable E and O Insurance carrier?


J Zimmerman
Amercian Dream Home Inspections ![icon_biggrin.gif](upload://iKNGSw3qcRIEmXySa8gItY6Gczg.gif)


Originally Posted By: jburkeson
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jzimmerman wrote:
I am a new member to NACHI and a rookie in the home inspection profession. I am setting my own business and would like to know if anyone can recommend an affordable E and O Insurance carrier?

J Zimmerman
Amercian Dream Home Inspections ![icon_biggrin.gif](upload://iKNGSw3qcRIEmXySa8gItY6Gczg.gif)


Jay,

There are no affordable E&O carriers if you have not had formal HI training no one will cover you, if you can prove training (ITA) you can expect to pay $3500.00 first year premium, go here... http://www.frea.com/


--
Joseph Burkeson, RPI (Hooperette)

?Anyone who has proclaimed violence his method inexorably must choose lying as his principle.?
~ Aleksandr Solzhenitsyn

Originally Posted By: jzimmerman
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Thanks Joseph!


I am certified having gone through formal training. I will check out FREA as well as my own Insurance Agent who thought $2500 was high.

Jay


Originally Posted By: dfrend
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Make sure you do not talk to Nations Hazard, or their more recent incarnation…somebody help me out! I will look for it, don’t want to give you the wrong name. Anyhow, there is a scam running around, if they sound real low, ask here for referals. Don’t be scammed.



Daniel R Frend


www.nachifoundation.org


The Home Inspector Store


www.homeinspectorstore.com

Originally Posted By: jzimmerman
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Thank you Daniel!!


Originally Posted By: Brian A. Goodman
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Make sure you do not talk to Nations Hazard, or their more recent incarnation…somebody help me out!


Absolutely right, good show Daniel. The other name was "Hartford Insurance", intended to be mistaken for the legitamate insurance company we've all heard of.


Originally Posted By: Blaine Wiley
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The most recent Nations Hazard incantation is “Hartford Casualty”.


3k although it sounds high is a good price for a good policy from a reputable company. FREA is a reputable company.


Originally Posted By: jzimmerman
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Thank you Blaine!


Originally Posted By: mbartels
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Just got my renewal estimates from Allen insurance.


1 mil E&O with gen lia. is up to $4195.00


Unless you live in New Jersey-$5495 or Louisiana-$5275.00


I would imagine FREA runs around the same. Give or take a few bucks.


This is also your only insurance offered if you are a newbie.


Kinda makes me feel like pukin icon_redface.gif


Whats up with that self insurance thing.


Funny thing.


My first 3 months in business I only grossed $520.00


Paid out $1200 to have that insured.


Good Luck!



www.overbrookhomeinspection.com


It’s not over till you’re underground

Originally Posted By: jzimmerman
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Thank you Matthew!


Originally Posted By: Nick Gromicko
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FREA gives some sort of NACHI discount. Also read http://www.nachi.org/insurance.htm Also read the warning. Also take the online survey.



Nick Gromicko


Founder


dues=79cents/day.


I much prefer email to private messages.

Originally Posted By: kmcmahon
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FREA requires 2 years of HI experience.



Wisconsin Home Inspection, ABC Home Inspection LLC


Search the directory for a Wisconsin Home Inspector

Originally Posted By: ekartal
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There are two different types of E&O to consider - call FREA.


Depending on state laws, you may have to keep paying insurance for 2 years after you quit the biz (Tail Coverage) - call FREA.

NACHI discount is for inspectors that have completed 100 - call ? ![nachi_sarcasm.gif](upload://6HQh6KbNiD73gqTNQInjrR2zeJw.gif)

Erol Kartal
ProInspect Inc.


Originally Posted By: kmcmahon
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$4195/year + probably a $2500.00 deductible. No thanks.



Wisconsin Home Inspection, ABC Home Inspection LLC


Search the directory for a Wisconsin Home Inspector

Originally Posted By: ekartal
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At least they waived the application fee. icon_biggrin.gif


Erol Kartal
ProInspect Inc.


Originally Posted By: Nick Gromicko
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that protects the inspector when the consumer is wrong combined with a NACHI consumer recovery fund that protects the consumer when the inspector is wrong is what we should do NOW. We do this, I’ll lobby to get an insurance exemption in states that require insurance for participants in the funds.


We'd save a ton of $$$ too.


--
Nick Gromicko
Founder
dues=79cents/day.

I much prefer email to private messages.

Originally Posted By: kmcmahon
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I’m with ya Nick…but it’ll probably be a huge headache for the org.



Wisconsin Home Inspection, ABC Home Inspection LLC


Search the directory for a Wisconsin Home Inspector

Originally Posted By: Nick Gromicko
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I know. Somebody find an attorney who will handle both escrowed funds and administrate them. I’ll put up the initial funding personally just to get them going. Once all the bugs are sorted out and it’s running, I’ll exploit the latter fund for marketing purposes… of course icon_smile.gif .



Nick Gromicko


Founder


dues=79cents/day.


I much prefer email to private messages.

Originally Posted By: Nick Gromicko
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which pays you up to 5 times the cost of the inspection if I fail to perform well.



Nick Gromicko


Founder


dues=79cents/day.


I much prefer email to private messages.

Originally Posted By: jwortham
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I had to shop around to even get GL insurance.


The company that has my house....and life...and cars....wouldn't do it.

So I took it out of the "insurance family".

And paid a mint. E & O remains a distant glimmer.