Originally Posted By: jferry This post was automatically imported from our archived forum.
In its October 17, 2005 Newsletter, Crittenden?s Specialty Coverages Insider ? gives the NACHI E & O program top marks for both coverage and pricing. According to the Newsletter, which is a $1200 annual subscription aimed at insurance professionals, NACHI members pay about $1600 less than non-member home inspectors for $500,000 in coverage.
Originally Posted By: jferry This post was automatically imported from our archived forum.
cmccann wrote:
Joe,
When I got the binder, in big red letters it stated that the insurance provider was not licensed in the state of Michigan. Is this a problem?
Chuck -
No. It is not a problem. There a variety of reasons why an insurer would not be licensed by a particular state but still issue policies in that state. Almost all professional errors and omissions insurance is written on a non-admitted basis.
It has to do with the responsibilities that a 'licensed' insurer undertakes. For instance, licensed automobile insurance companies have to take a proportionate share of bad risks - the assigned risk plan - if they want to be licensed to do business in the state.
Since insurance companies are not falling all over one another to write professional liability insurance, they are able to provide the coverage on a non-admitted [non-licensed] basis without having to undertake other obligations.
Thus, there is no 'assigned risk' plan for bad professional liability risks.
Originally Posted By: kfulton This post was automatically imported from our archived forum.
What about Maine? If you read Nick’s post on NACHI Market Share, the Maine inspectors are the stongest in the country, percentage-wise. So when can we expect this program here?
