Just switched my insurance over and found a great broker who got me some pretty stellar rates. I’m talking less than half of HUB. This guy worked his @ss off for me and found me a very large and reputable insurance provider to cover me. The price? $250 a month for both. Good coverage and low deductible.($1000) I’m not kidding you.
If your insurance is coming up for a renewal, its worth giving him a call. It saved me huge. My best decision in 2015 so far. I also saved a few hundred a year by switching my home and commercial auto coverage with him as well. Full coverage with all of the bells and whistles.
A simple call or email to Chris if you need any facts or would like a specific quote for your company and service area.
Stephan, Thanks for this. Still think the insurance is too high for the risk profile. Even at $250 a month that comes out to $3,000 a year. We believe E&O for inspectors should represent no more than $1600-$1750 a year cost to Inspectors and we are attempting to get the statistics to prove it.
OntarioACHI commissioned the survey, but we have asked that it be left open to all Inspectors across Ontario. Analysis of current statistics and getting a real run-loss ratio for our profession will be the only way to show that we are getting ripped off by the insurance industry, and eek out a sensible price for E&O & GL.
I encourage all inspectors who are, or have been insured in the past to fill in the information and send off the relevant paperwork to the Broker we have engaged to do the analysis for us all.
All private information submitted to the Survey will be kept private. We will provide everyone with anonymised statistics after it’s been gathered.
If anyone has a problem entering anything they can contact me directly either by PM here at InterNACHI, or via email. My link is here as well. I’ll try and get things fixed as soon as possible.
I agree that we pay far too much for the risk. That being said, I saved half for the same coverage that I had before. I won’t work a day without being insured and this has definitely helped. I’m using the money I’m saving each month and puting it directly into advertising.
Until we can get the same rates as agents, this is the route I’m taking!
Thanks for what you guys do Len. That’s why I’m a member and supporter.
We are trying, but unless all the inspectors work together to provide the information, we can never get the rates the Realtors do.
At the moment the insurance companies are playing one inspector off against another, We asked Hub nicely (5 times) for the run-loss ratio, and we didn’t get it. That’s why we commissioned the survey. Now it’s up to inspectors to provide the information so we can work on getting the prices down.
Thanks for your support at OntarioACHI, hope to see you at the AGM/Conference. Nick is going to be advertising it for us I am led to believe.
There is some fresh - and optimistic - news: I’m speaking to a national broker, who is interested in ALL InterNACHI membership business (Canadian) and this is the very same broker who set-up our (InterNACHI-Québec) great E&O program (which is great!)!
Possibly this issue could be brought to the attention of the Canadian TV show ‘Market Place’?
If I recall correctly they did a show regarding the lack of licensing. Possibly a follow up showing the inspector’s take on the problem, the governments lack of inspector input and the poor decision to include an off balance of advisory participants and the conflict of interest by including an insurance representative.
I agree Bryce. But the best way to start is to take the monopoly away from one single insurer. If there is no monopoly, then competitiveness between insurance brokers will drive down prices. That’s how every market works. The problem with our industry is that no one outside of the circle cares because the average homeowner will need an inspector maybe 2-3 times in their life if that. That’s 6-8hrs of interest in a single lifetime If someone can make money off of the working individual, they will.
Security Guard Licensing. How many security guards can barely speak a full sentence in English, yet are provincially licensed?
Hair Dresser Licensing. How many sh*tty haircuts are still walking around after this was brought to law?
Drivers License. How hilarious! If you want to see some of the worst driving come to Windsor!
I have never had it. I do not need it. I self insure. To date I am ahead of the game by 10 years + at approximately $3500 / year.
Now, before the naysayers get their fingers ready to pounce let’s be clear. I never do more than one inspection per day. I start at 10 AM. I am done by noon or 1PM. I create my report in my vehicle which usually takes approximately 2 - 3 hours. I then meet up with client for coffee at a Timmy’s (don’t really like the crap, but what the hey). I go over the report in full show the DVD with approximately with 100 to 130 pictures. Usually takes over an hour to an hour and a half.
My inspection takes a full day.
I am complete and thorough. Sued on two occasions, defended myself on both instances and have won on both occasions with costs.
Insurance is for the the guys attempting to do more than they can adequately deliver.
Good observation Bryce. The secret is being able to survive on the income from one inspection per day, and then managed to get one inspection per day at that rate.
If on the other hand, we can get sufficient information to prove the insurers are gouging us as inspectors (we are desperately asking for help on this as per the survey request http://ballot.iballot.ca/index.php/833728/lang-en ) then having to pay 1/4 of 1 inspection per week for E&O, GL and Property insurance for the peace of mind might still be palatable and affordable.
This is especially the case when licensing comes, if mandatory insurance is required. We need to act now to get the word out there, because it’s no point in scabbling at the last minute, The insurers have got you by the balls at that time.
I have a sneeky suspicion that the recent and fairly meteoric rises in premiums are in preparation for licensing. When it is forced on everyone the insurers can afford to lower the premiums by 10% and appear to the government that they are “helping” protect the public, while laughing all the way to the bank because they’ve whacked us in the immediately preceding timeframe for a 25-30% rise.
Giles is working hard on getting reductions, we at OntarioACHI are working hard on doing the same and if we can do it in conjunction with each other, maybe spread the program across Canada.
Even with insurance, your advice on how to treat you client in the home inspection is a sure fire way of keeping lawsuits, and thereby insurance premiums, to a minimum.