I cancelled my E & O with FREA on Monday and signed on with Hub International. The entire policy which included $1,000,000.00 E & O, $1,000,000.00 General Liability, full mold, radon, WDI & WDO, $10,000.00 Criminal Negligence Bond and $10,000.00 tool/offfice insurance was $600.00 US cheaper than FREA’s E & O insurance alone, which meant I also had to pay thousands more for all the extra coverage. With all the money I have saved I will finally be able to purchase a state of the art thermo-imaging camera. Dan Breau is the best! Thank you Nick for going to bat for us Canadian Inspectors - You rock! 
Thanks for the kind words Brett. I am glad to help. It is also nice to have some feedback from a client. I hope I can help other out as well.
We sure do. Give me a call and we can discuss offline. Looking forward to it.
Sent in my application for a quotation three weeks ago. No response to Emails, faxes or telephone calls.
Anyone else having a similar experience?
This is what I received last month from Steven Bates at
Stanhope Simpson Insurance Ltd.
I have a quote from AXA for your E&O insurance and Commercial General Liability insurance - it came in where I expected it too…
Commercial General Liability - $1,000,000 limit with a $1,000 deductible
Errors & Omissions Insurance - $1,000,000 limit with a $5,000 deductible
Total annual premium - $1,750
Thats a really good price! I know one National Association in Canada with a plan for its members and its a heck of a lot more.
Thanks Keith for the info.
Cheers,
Yes I talked to them this is a price for NACHI members and WOW! what a great guy to talk too .
I was impressed .
Roy Cooke
Keith:
Can you provide contact information? I assume the price is in Canadian dollars?
Here’s his info
Steven Bates
Voice: (902) 454-7198, ext 229
sbates@stanhopesimpson.com
www.stanhopesimpson.com
The price is in Canadian Dollars…and of course this is taxable…I am even fortunate enough to get to pay not 5, not 10, but15% on it…gotta love HST.
They also have a payment plan if you are interested (I think it costs a little over $50.00 to have the payments spread out over a year).
Keith
Thanks Kieth. I still haven’t been inundated by calls from HUB!:shock: </IMG>
Holy Shee-ite Batman! For real?!? That’s amazing!:shock:
Any penalty to cancel? FREA might be scratching their heads if a gaggle of Canadian inspectors scratch their names off their roster.
Without going into too much detail (and as I understand it). They sort of have you over a barrel.
E&O liability coverage is written on a claims made form rather than an occurrence form. Claims made coverage will not respond after your policy has lapsed, and your new policy will only respond to claims made after the new coverage has started.
I guess what this means is that, if you start with a new insurance company today and cease the other insurance, you will not be covered by anybody for something you did (let’s say) 6 months ago even though you were covered at the time by your old insurance company (unless you have the extended coverage which will cost you almost as much as a full years insurance and only covers you for claims initiated during that extended coverage.
I think that there is a 30 or 60 day time limit that the old insurance company will continue to cover you for prior acts but any claim must be initiated within that time period.
Here’s an example that hopefully will put this in perspective a bit… you are in business for 10 years being insured by the same company, you retire and cease insurance, 2 years and 1 day after that, someone wants to sue you, you will not be covered by your old insurance company. (I think the maximum extended coverage you can get is 2 years)
As I said, this is how I understand it and I definitely stand to be corrected by someone more knowledgeable in the subject.
Basically, it’s … (insert word of your choosing).
You require tail end coverage. The devil is in the details. Maybe not such a good deal after all. Occurence based insurance also costs much, much more.
Just for info…Pierre Thibodeau is also on a claims made.
Thats probably one of the most expensive outfits to be insured with, and I understand the service is terrible. I was once insured through his outfit, not any more. They can stick where the…
Interesting findings.
The key is to find out if your insurance provider can provide you with a retroactive date that can go back a year or two.
Just to keep you updated of our product, we can go back up to three years with verifyable insurance for those three years.
Example. In 2004 you buy insurance for a $1,000,000 limit, and claims made coverage. You have no claims and renew your coverage each year. In 2007 you decide to go to another insruance company, lets say HUB International because our product is more cost efective and provides all of the extras that home inspectors need at no extra cost like radon testing, WETT coverage, WDO/WDI coverage, agent broker referral and many others… (Mould is available for a really good price), and not to mention a great sub limit on defence costs. Our package will go back three years to cover an incident that is showing up now for york you did then.
There is nothing wrong with claims made coverage if you have a broker that understands how it works.
Daniel, your prices are very good, but service… What about an actual insurance policy paperwork? Almost two months since payment, and still nothing! 
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Has any one received a policy from this company.
Has any one any idea who the Company is who is writing the policies.
We had a person a few years ago who wrote a lot of insurance and the policies looked good and the rates where good and suddenly many found out the Hartford Company was not writing the policies and the HIs had no Insurance .
The person I understand is now living in the Caribbean and lots are looking for him .
Please be cautious
Roy Cooke
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