“If any InterNACHI inspector participating in the Buy Back program is named as a defendant in a lawsuit on the basis that InterNACHI denied a claim under the program, InterNACHI will defend and indemnify the inspector on all claims against the inspector arising out of InterNACHI’s denial of the Buy Back claim.”
Sweet! I can’t wait for the first claim to put all the skeptics who don’t sign up looking to scramble to sign up. By then you will have missed the Big Boat and will need to get in the dingy.:mrgreen:
The price just might change to as to the demand for CMI’s that offer this.
I have no further questions about INachi “protection”.
Couldn’t ask for anything more.
I just have to think if the program’s worth it to me.
Most all of my business already comes from past client/Realtor referrals after being in the community for over 18 years.
It would be a prestige thing for me, not much of a chance to market it, as I do not visit agent offices anymore for a very long time.
I did mention the idea to a few agents the past week & they had the same “wow” response.
Glad to hear it I knew you would come through. I have a formal meeting tomorrow before the Real Estate local board to present this program. I have already had some Realtor excitement from the locals I have talked to. I say again this is gona be big
Of course it will be, because if it actually does work, every agents paycheck will be** guaranteed! **
It’s cleaner than ever. We’re going to defend any member who gets sued over it.
Is this only for CMI inspectors?
No. It’s for any participating inspectors in http://www.nachi.org/buy-back-guarantee-press-release.htm
Jeffrey Jonas -
"Of course it will be, because if it actually does work, every agents paycheck will be guaranteed! "
He’s got a point Nick. Having been a Realtor, offering a chance for a double commission to a Buyers Agent, the BuyBack program would kick A. The Buyers Agent could list the Buyback home. Now there’s some marketing to Realtors! It might be too tempting for some type of collusion though.
What if the claim gets denied because the defect missed is not part of the SOP?
Do you indemnify the inspector only if he’s sued to perform? As in if he’s sued to honor the deal and buy the house?
Or will you also indemnify the inspector if he’s sued to fix the defect that he missed that wasn’t part of the SOP?
What part of this don’t you understand?..
That isn’t really relevant. I am asking about indemnification.
We don’t have any conditions/requirements in our indemnification. If you are named in a lawsuit because we denied a claim, we defend you.
What if the inspector offers the buy back deal to an angry client, and they say they don’t want to sell the house, and instead want to sue me to fix it?
What will you do then?
Nothing which is why you would still need E and O.
This is not the giant protection you may think.
It isn’t a protection at all, and I never thought it was. I am just getting clarification from Nick.
Your correct Its not protection its marketing at is finest
Correct, it doesn’t replace E&O. It’s a marketing tool that allows you to legitimately make a claim about your confidence in your service. It is not insurance.
Come on Juan its been said by Nick a dozen times how many times does he have to repeat himself