Originally Posted By: gromicko
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Texas has a home inspector recovery fund. Seems like a possible consumer benefit I could market if we had one.
Thoughts?
Nick
Texas has a home inspector recovery fund. Seems like a possible consumer benefit I could market if we had one.
Thoughts?
Nick
Originally Posted By: dfrend
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Any details on how they work it?
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Daniel R Frend
www.nachifoundation.org
The Home Inspector Store
www.homeinspectorstore.com
Originally Posted By: lschmid
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What exactly is it and how does it operate? Is this something we can do nationally, or by states?
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Larry Schmid
First Choice Home Inspection,Inc.
South Carolina Chapter President
www.1stchoicehomeinspection.com
A SAFE HOME IS A HAPPY HOME
Originally Posted By: dfrend
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From what I can find on it, inspectors pay a fee yearly and the state keeps those fees in a fund. Should a consumer file a complaint, they can recieve up to $15,000 including legal fees from the fund if the court determines the inspector was wrong. This includes negligence and gross misconduct.
My concerns: Is this going to cost us more each year over the dues, how much? If this is in place, do consumers have to use it before actual lawsuits? Who would view the complaints? Would there be some sort of review panel?
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Daniel R Frend
www.nachifoundation.org
The Home Inspector Store
www.homeinspectorstore.com
Originally Posted By: gjohnson
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Generally what happens in recovery funds are the following.
Not all Inspectors have to participate, only the ones that want to potentially be covered. If an inspector is sued in court and loses for something that the neglected or done wrong.
(Now here is the important part)
Just because a inspector is sued and loses does not mean the recovery fund will pay out. The reasons the recovery fund pay out are in case of things such as the inspectors company goes belly up or they do not have enough assets or insurance to cover the cost of the claim. This is like a last resort for the Home Buyers to have their claim settled. Generally it is capped at around $7500.00 (At least I think it is in Texas).
Usuall the buyer needs to go back and get a judge to sign an order to get paid from a recovery fund.
I have seen some of these work in other industries before.
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Gary (Snicker's) Johnson - Free NACHOS
The NACHI Foundation
Executive Director
301-591-9895
Originally Posted By: cmccann
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If you have a builders License in Michigan they require a initial deposit of I believe 50.00 and every year after that it’s 25.00. This is to keep the public safe from bad contractors, also to keep frivolous law suits to a minimum.
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NACHI MAB!
Originally Posted By: wcampbell
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The Texas Home Inspectors Recovery Fund is a one time payment of $100
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This Ole House-Home Inspections
William A. Campbell TREC # 6372
Serving the Texas Coastal Bend
(361) 727-0602 (home)
(361) 727-0055 (office)
(361) 229-4103 (cell)
Originally Posted By: gjohnson
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I would be interested to see how many times they pay out every year.
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Gary (Snicker’s) Johnson - Free NACHOS
The NACHI Foundation
Executive Director
301-591-9895
Originally Posted By: jmyers
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I believe it is a very good idea, indeed. There are many benefits to a national recovery fund besides those listed here.
One that would come in off the top of my head was the not only the marketing edge that it would give, but also in terms of consumer confidence and the legislatures perception that we will take care of our own.
In terms of insurance, I would even venture to say that it could have a long term effect on insurance rates, since if the inspector would go belly up, the insurance company would most likely have to pick up the slack.
Good idea in my book. I would not mind sending in $50 to $100 for this type of service.
Joe Myers
Originally Posted By: gjohnson
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I agree Joe.
Nick has asked me if I wanted to take the ball and run with this. I think I may. ( I need more to do) So I will start delving into it.
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Gary (Snicker's) Johnson - Free NACHOS
The NACHI Foundation
Executive Director
301-591-9895
Originally Posted By: dfrend
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You need more to do? You MUST be kidding.
Go for it.
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Daniel R Frend
www.nachifoundation.org
The Home Inspector Store
www.homeinspectorstore.com
Originally Posted By: George Moomaw
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Recovery fund, self insurance or a rose by any other name …
The fact of the matter is that some home inspector organizations somewhere will eventually need to come up with some type of an alternative to commercial E&O. Recovery fund is the right step in the right direction. This is the direction “branding” should have taken.
George
Originally Posted By: gjohnson
This post was automatically imported from our archived forum.
Dan,
I don't need the sleep...
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Gary (Snicker's) Johnson - Free NACHOS
The NACHI Foundation
Executive Director
301-591-9895
Originally Posted By: dfrend
This post was automatically imported from our archived forum.
I have noticed. Give me some more info on how this will help us as well as consumers.
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Daniel R Frend
www.nachifoundation.org
The Home Inspector Store
www.homeinspectorstore.com
Originally Posted By: jmyers
This post was automatically imported from our archived forum.
George,
I agree. Given the age of the A$HI association, this should have been done a long time ago. Most of the bad inspector reputation is coming from the those inspectors from A$HI that should have started this type of program, in keeping with the "what is best for the consumer philosophy".
Certainly they would have looked much better in the public eyes and those of the legislature, since they would have proven they are willing to police their own and in some cases, pay for their own.
Gary,
I used to get 5 to 6 hours of sleep a night. Ever since I caught that darn virus that is going around, it has been closer to 7 to 8. I have been fighting with this bug for over a month and I am waking up feeling more tired than when I went to sleep.
Joe Myers
Originally Posted By: gjohnson
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Joe,
I think I got the same thing, I have been tired for like three days now and just can't seem to think clearly. I normally get 5-6 hours a night and do just great.
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Gary (Snicker's) Johnson - Free NACHOS
The NACHI Foundation
Executive Director
301-591-9895