Insurance Question

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#1

Originally Posted By: Terry Porter
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Besides E&O, what types of insurance do most people carry? I have been looking at increasing my auto insurance and getting general liability insurance.


Am I missing something?

#2

Originally Posted By: dvalley
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E & O and General Liability is all you need to get started.

–
David Valley


MAB Member


Massachusetts Certified Home Inspections
http://www.masscertified.com

"Some cause happiness wherever they go; others, whenever they go."
#3

Originally Posted By: Terry Porter
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David,


Could you recommend some companies to check for E&O and GL?

#4

Originally Posted By: dvalley
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Sure?


I recommend that you contact Chris Butler from FREA. He can email you a proposal with great rates. Give him a ring at 800-882-4410 Ext. 104 or email him at cbutler@frea.com or


If that don't work for you, look into Allen insurance
http://www.allenins.com/Home_Inspectors.html

--
David Valley
MAB Member

Massachusetts Certified Home Inspections
http://www.masscertified.com

"Some cause happiness wherever they go; others, whenever they go."

#5

Originally Posted By: rcooke
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Do not forget to tell your auto Insurance company to give you commercial coverage. If you have an accident and do not have commercial you might find you have no car insurance . Roy Cooke sr Brighton Ont Canada

#6

Originally Posted By: Terry Porter
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Thanks for the heads up Roy. I have already contacted my auto insurance, and since I will be the only driver they simply will convert the usage to business versus personal. No commercial coverage needed.


Thanks for the name and number David. I will contact for a rate quote on Monday.

#7

Originally Posted By: jhagarty
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dvalley wrote:
I recommend that you contact Chris Butler from FREA. He can email you a proposal with great rates. Give him a ring at 800-882-4410 Ext. 104 or email him at cbutler@frea.com or


I give the same recommendation.

--
Joseph Hagarty

HouseMaster / Main Line, PA
joseph.hagarty@housemaster.com
www.householdinspector.com

Phone: 610-399-9864
Fax : 610-399-9865

HouseMaster. Home inspections. Done right.
#8

Originally Posted By: dbowers
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Bob Pearson at Marion Allen Insurance in Georgia is a great E & O group. A little more in fees but more professional.

#9

Originally Posted By: dbowers
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Terry -


General Liability is a must have. E&O is an option unless you're unlucky enough to be in a state that mandates it.

Polls indicate over half of all inspectors don't carry E&O.

#10

Originally Posted By: kluce
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I’m glad to have my E&O. A client thinks I missed a foundation leak in a finished basement. I informed him that when he and I walked through the house, there was no indication of water problems and we don’t move furniture. He thinks I should have questioned some of the newer things done to the basement. E&O company has informed this guy that I was not at fault but the buyer now owner wants me to pay for it. Who knows where this is going to lead.


Plus, I hear from realtors or the new owners of problems that were unforeseeable during the home inspection but yet show up after the buyers lives in the house for a while. They look at all there options and suing the home inspector is one of them.

The only draw back I have heard is people get a lawyer and the lawyer informs their client to go after the company that has the insurance. The least they will go for is a settlement and they can use the settlement to go after the seller of the house.

O'well, what can you do.

#11

Originally Posted By: rcooke
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I know of many Inspectors that do NOT CARRY INSURANCE . They put in their contract a Liability disclaimer limited to the cost of the inspection . I do not know of any who have lost yet.


Your statement below covers it very well .


The only draw back I have heard is people get a lawyer and the lawyer informs their client to go after the company that has the insurance. The least they will go for is a settlement and they can use the settlement to go after the seller of the house.

Works for many inspectors I know .
Roy C.sr.

#12

Originally Posted By: rcooke
This post was automatically imported from our archived forum.


Unfortunately, most insurance companies would prefer not to sell you insurance, because then they might be required to pay YOU money, and that is certainly not why they got into the insurance business in the first place. So you’ll have to scrounge around for an insurance company, which will charge you an annual premium roughly equal to the replacement value of your house.


They also tell you all the things you are not cover for , there are so many it would be easier to tell you what is covered , Can’t think of any but there must be some thing I am covered for they charge so much.


At any moment, this company can drop you like used dental floss if you have a claim even if you are not guilty.


I wonder why we carry insurance.


Roy Cooke sr Brighton Ont.

#13

Originally Posted By: kluce
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rcooke wrote:
They put in their contract a Liability disclaimer limited to the cost of the inspection.



I had that in my contract and I was told that part of the contract could not be enforced in the state of Indiana. For everyone else, check with your state.
#14

Originally Posted By: kbowles
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Ok, here’s a great one for you all to chew on and explain the logic behind. In Georgia, state law says that a company with 3 or LESS employees DOES NOT have to carry workers comp insurance. So I, being the only employee, do not have to carry workers comp according to state law. But, bring in the local county and “gooder than state legislature” billy bob local idiots and they say “Oh yes, to get a business license in our county, we don’t care what the state says, you have to have workers comp insurance”. Ok, I agree local law should overide state law and understand why it should. So I call around to see what I am facing and am knocked on the floor. The cheapest I could find, and this is to write a policy AND NOT COVER MYSELF, which means I am paying for no coverage for anything, was $750. I even had one lady say that she hates writing these because they cover nothing and it should not be legal for them to make the independant business owners do this. So, to be able to do inspections in the growing part of town, I am led down the path of the bankrupt builder, turned inspector that wants to shove his weight around…idiots!!! ( but they do NOT require liability insurance, now THAT makes a lot of sense)


Happy Inspections to all and may all your crawl spaces exceed 36"

Kevin

#15

Originally Posted By: gbell
This post was automatically imported from our archived forum.


Boy what a deal. The same policy in this state would cost you around 4k. That is one reason I don’t work construction anymore. Our state also has what they call WC Exempt. You can pay the state $50 a year and don’t have to have WC for residential construction.

–
Greg Bell


Bell Inspection Service

#16

Originally Posted By: Chris Butler
This post was automatically imported from our archived forum.


Dear Mr. Porter,


I would contact a local independent insurance agent. Ask him what coverages are required in Texas. You could also contact TAREI or TREC. As every state is different as you can see above from the posts.


Sincerely,

–
Chris Butler


(former) Director of Membership @ FREA