That’s a good question… I was just going through my google searches as I was trying to do some recon on them. Couldn’t locate who the underwriter is… I do recall that they were bought by ACE Insurance. The guy said it the other night in Texas it was something “…fire insurance…” Let me keep looking.
**DO YOUR OWN HOME WORK BEFORE YOU BUY.
Direct all questions to:
**Robert Dupuis
214.547.7222
robertdupuis@allstate.com
Insurance provided by Westchester Fire Insurance Company, Roswell, GA.
Quote from post #25
Profile for Westchester Fire Insurance Company
http://goliath.ecnext.com/coms2/product-compint-0001146688-page.html
Primary SIC: Fire, Marine And Casualty Insurance, Primary NAICS:
Direct Property and Casualty Insurance Carriers
Description: Insurance: Provider of property and casualty insurance and services.
Listed with this company
http://www.ace-ina.com/licensing.asp
Thanks John. That was on the tip of my tongue. I spent the past 45 minutes trying to find them.
It’s not uncommon to see new players in the inspector E&O market. Big personal lines carriers like an Allstate or State Farm are trying to see if it can be done. But it’s also not uncommon to see them disappear after a year or so due to the low pricing and high claims experience.
Ben,
Make a request for a quote and get all the specs.
Then draw up an comparison so we can see all of the apples to apples side by side.
Then we will let Mr Dupuis respond.
It is good to have competition.
I welcome competition. And competition benefits you inspectors immensely.
The quote won’t come with a copy of the policy. I doubt he will just hand that out. Nor will I as you have read. That is the important part. I would prefer NOT to call ficticiously and obtain a quote and additional information. As I would not want someone doing that to me.
So your saying that people should buy a policy before they know what it says? :roll:
Manny, I’ve put a spreadsheet together to show the cost detail of my Towers-Perrin policy. I’d like to ad as many other real world examples as possible to share with other HI’s, especially those Texas HI’s that are looking for E&O right now. Here are the line items I’ve included so far on my spreadsheet. Can you or anyone else think of any other important items that I should include?
Agency: Towers-Perrin
Underwriter: Lexington/AIG
Policy Type: Claims Made
Inclusions: none
Exclusions: WDI, pools
Referral Endorsement: Y
Policy Amt-claim: $500,000
Policy Amt-aggregate: $500,000
Deductible: $2,500
Premium: $1,969.00
Stamping fee: $1.97
Taxes: $95.50
Total E&O Premium: $2,066.47
General Liability
Policy Amt: $500,000
Total GL Premium: inc in E&O
Gr. Total Premium** $2,066.47 **
Pymt Options
Pymt 1 $826.59
Pymt 2 $413.29
Pymt 3 $413.29
Pymt 4 $413.29
Monthly n/a
Mike,
That’s a great idea doing a spreadsheet!! Off the top of my head I can add one item. Is the policy coverage for just the Inspector or the entire covered company and all of its Inspectors. I spoke with Mr. Dupuis today and this policy covers the company and all of its Inspectors. He also advised that the policy covers E&O for any subcontractors I might use for the business. That is normally not an issue for most of us but using one of the “High Priced Inspection” scenarios you could actually hire professionals in each trade to inspect each major system and this policy covers the subcontractors errors also.
I’ll think on this and see if there are other items that could be useful. Anyone else out there with input??
How about we (right here) invite all representatives from all inspector E&O insurance companies to a town hall debate on www.NACHI.TV? NACHI.TV will produce it for free.
Any takers? Ben, I know you are in.
A debate sounds good to me but if anyone starts talking about Social Security, health care or the war in Iraq I am changing the chanel.:mrgreen:
LET’S GET READY TO RUMBLE!!!
OK, here’s a first pass at a spreadsheet to compare various policies. If anyone is so inclined to share their personal experience with an insurer and the costs then please fill a column in with all of the data you can and I’ll update my master with ones that have the most complete information. I’ll not share who provided what information with anyone. Send the spreadsheet back to me at mikeb@capcityinspections.com .
p.s. Let’s not drill down any deeper than what is shown on the spreadsheet right now for phase I of this little project. Thanks!
EO_Insurance.zip (7.06 KB)
You know I’m in. That policy through WestChester Fire covering all employees makes it even more unbelievable. Nick, set it up, FREA will certainly attend.
Why doesn’t someone who has access to the various insurance policies make
a comparison chart and show, point by point, what each policy says?
If FREA posted the first chart, then the others could chime in and make
corrections, if they wish to challenge a point or two.
Why is there so much mystery about E&O insurance?
I doubt you will get insurance agents to pay for travel and expense
to attend free for all that they fear can be edited after its over. I don’t think
it will happen.
Joe Ferry has agreed to do NACHI.TV as has Ben Garrison. I’m sure Bob Pearson from Allen Insurance will come. Any other major player that doesn’t come will be represented by an empty podium with their company name on it. It will be friendly, fun, informative and good for all insurance companies.
Will one of them actually put a point by point chart of their policy online
for everyone to read.?
Without that, it’s all just posturing.
FREA will particpate in anything you put together Nick. Just let me know when and where.
Go RedSox!
John,
I see where you’re coming from and I’m not adverse to showing our policy to people, but I’m not posting it on a public forum. As a matter of principle.
John,
FREA is the only agent that I have encountered that requires you to pay money before you even see what you are covered for!! The major issue with this approach is that the consumer (HI’s) are not able to compare their coverage to other offerings where the underwriter will provide the policy. We can read all about what is supposedly covered on FREA’s WEB site but wording in any contract is, many times, the key to what the policy is really about.
Ben,
Before you go off I am not inferring that FREA is hiding anything in their contract. I certainly do not know what is in their contract because FREA will not show it. Just as you are stating that we have to do our research such is one of the underlying concepts behind the phrase “Caveat Emptor”. How can we possibly be aware if FREA will not provide the specific policy wording until after we pay?
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Ben,
I would certainly be interested in obtaining a copy of the actual policy so that I can compare it to offerings I am requesting.
John,
Good question!!
I also agree that with the exception of groups such as FREA, Allen and other major insurance agencies it is neither economically feasible nor realistically beneficial for smaller concerns to attend any such “town hall debate”.