Originally Posted By: Chris Butler
This post was automatically imported from our archived forum.
You asked for it we got it!
FOR IMMEDIATE RELEASE:
FREA Begins offering Mold Coverage to Home Inspectors San Diego, CA (July 26, 2004) - The Foundation of Real Estate Appraisers (FREA) has started offering errors and omissions professional liability insurance for home inspectors who perform mold inspections. The $1,000,000 policy is underwritten by Lloyds of London and requires membership in the Environmental Solution Association (ESA) as well as completion of ESA?s initial mold course. Annual premiums range from $2300 - $2525 depending on which of the two deductible options is chosen. Over the past several years mold has become a growing concern among homeowners and many have solicited the services of home inspectors to perform mold sampling prior to the close of escrow on a property. Home inspectors across the country have diversified their services to offer mold testing, but up until now their regular home inspection E&O policies have excluded coverage for claims relating to mold testing. The $1,000,000 limit of liability claims made policy being offered through FREA will protect the home inspector from negligent acts and/or omissions in performance of mold inspections while sampling, testing or collecting. The policy is underwritten by Lloyds of London, an ?A? rated insurance provider. Inspectors will have access to five top testing laboratories: BTS Laboratories, EM Lab, Pro-Lab, Aerotech Labs and Aerobiology Lab. To obtain coverage inspectors must 1) fill out and submit the Mold Inspection application to FREA 2) either complete ESA?s Initial Mold Inspection training course or submit proof of completion if already taken and 3) become a member or ESA or submit proof of an existing ESA membership. ESA will provide a Certificate of Insurance upon completion of the three items above. For more information on FREA?s mold program, contact Chris Butler, FREA?s Membership Director at 800-882-4410 ext. 104 or email him at cbutler@frea.com. About FREA The Foundation of Real Estate Appraisers (www.frea.com) has been offering low cost E&O insurance, as well as other benefits, for appraisers and home inspectors since 1991. Due to the large numbers of members, FREA has substantial buying power with insurance companies, helping to keep the program strong while other insurance providers have fallen by the wayside. Today, FREA has over 10,000 members and is the largest professional organization for appraisers and home inspectors in the country. About ESA Environmental Solutions Association (www.envirosolution.com) is the premier environmental training association in the nation. They are a membership driven organization that has some of the highest quality environmental training and membership benefits available. They offer hands on training seminars with knowledgeable instructors that make learning about environmental issues interesting and fun. ESA also offers home studies for those whose time is limited due to a busy lifestyle but still need to have the training for continuing education credits.
Professional Mold Inspector's
E&O Insurance Program from FREA
Coverage Available:
?Errors and Omissions professional liability insurance to protect you from negligent acts and/or omissions in performance of mold inspections while sampling, testing or collecting
?Limit of Liability: $1,000,000
?Deductible $3,500.00 + Annual Premium $2,300.00
?Deductible $2,500.00 + Annual Premium $2,525.00
Coverage Features and Benefits:
?"Claims- made" policy
?Underwritten by an ?A? rated insurance provider
?Access to Five top testing laboratories:
(BTS Laboratories) www.btslabs.com
(EM Lab) www.emlab.com
(Pro-Lab) www.reliablelab.com
(Aerotech Labs) www.aerotechlabs.com
(Aerobiology Lab) www.aerobiology.net
Coverage Process:
?Complete and submit to FREA the Mold Inspection application
?Successfully complete Environmental Solution Association's required Mold Inspection training course
?Join ESA as a member or be in good standing with ESA and it's Code of Ethics
?ESA will provide a certificate of Insurance upon completion of the above
For additional information contact:
Chris Butler
Director of Membership
FREA
cbutler@frea.com
Phone 800-828-4410 ext. 104