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San Diego, CA
Posts: 2
Joined: Aug, 2006
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 Thread Start First Page
[#1] Posted: 08/17/2006 - 2:08:36 PM |  |  |
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SPONSOR'S ADVERTISEMENT
Inspecting Your E&O Insurance by David Brauner, Senior Broker, OREP
Here’s a riddle that more and more inspectors are solving easily: how do you obtain $1 million in errors and omissions insurance (E&O) from an “A” Rated carrier that covers your entire firm- one, two, three, four inspectors or more*, including an Additional Insured Endorsement for Agents and other Referring Parties, Termite and Radon coverage, coverage for commercial inspections, pool, septic and new construction/code compliance- for a premium under $4,000?
The answer is you call or visit OREP (www.orep.org).
The premium for a $1 million limit is $3,300 and includes all the coverages listed above. There is no additional charge for additional inspectors in the firm (*premiums prorate up at higher revenue thresholds).
The minimum premium is $1,860 ($100,000 limit).
OREP, in business over five years, is the E&O provider of choice for more and more inspectors nationwide. The program provides prior acts for qualified applicants and offers the very important premises liability coverage called Bodily Injury/Property Damage (BIPD) at very reasonable rates. BIPD provides coverage for claims resulting in bodily injury or property damage occurring at the inspection site.
General Liability insurance is no longer required for the OREP program.
Are you Paying Too Much for E&O Insurance?
You may be paying too much for E&O insurance, especially if you are paying ‘per inspector’ or are paying additional premium for coverages that are included in the OREP program.
Coverage Premiums
OREP offers the following premiums that cover all inspectors in the firm.
Limit/Premium
$1,000,000/$3,300
$500,000/$2,700
$300,000/$2,340
$100,000/$1,860
Independent Contractors (1099 employees) can be covered for a small additional fee.
Included
* Additional Insured Endorsement for Agents and other Referring Parties
* Termite & Radon coverage
* Coverage for commercial inspections
* Pool, septic and new construction/code compliance
Taxes and fees ($300-$400) are not included in the premiums listed above.
Financing is available. The standard deductible is $5,000.
Beginning inspectors may qualify with related experience such as construction, remodeling, engineering. If qualified, the same low rates and coverages apply for beginning inspectors.
Do the numbers to see if you’re paying too much for E&O insurance. It pays to shop OREP.
OREP: www.orep.org (888)347-5273 info@orep.org
6760 University Ave. #250 San Diego, CA 92115.
About the Author
David Brauner, Senior Broker at OREP, has been providing E&O for home inspectors for over 14 years and is Editor of Working RE Magazine (www.workingre.com). (Calif. Insurance #0C89873)
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Succasunna, NJ
Posts: 1024
Joined: Sep, 2003
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Kenmore, WA
Posts: 15389
Joined: Dec, 2003
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Inspecting Your E&O Insurance
[#3] Posted: 08/21/2006 - 6:51:00 PM | | |
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Hi Darren,
I suggest picking up the phone and giving them a call. I don't think they're hanging out here with the rest of us.
OT - OF!!!
M.
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Houston, Texas
Posts: 161
Joined: Jan, 2004
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 Inspecting Your E&O Insurance
[#4] Posted: 08/22/2006 - 11:02:29 AM | | |
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That initial post sounds far too much like a formal paid commercial. On viewing it again, it is, it is, it is a paid commercial.
Perhaps we need an independant investigation / inspection to bring out all the facts. You won't get that from any insurance carrier. After all the insurance makes its money on selling policies. They can and do deneign responsibility of payments via legal loopholes in the policy's coverage.
The biggest fact is that there are those unethical people who intentionally look for deep pockets and insurance policies to file a bogus claim. Even if the claim is legit the insurance company can still not pay the claimant under certain conditions.
It is smart to know exactly what is and what is covered and how much coverage you actually get for your honestly hard earned cash.
With or without the expensive insurance unethical people still exist in every business. It is all a risk with a limited payback. Some states require E&O and others don't. I opt not to become a target of those who smile in your face and then stab you in the back.
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Be careful out there
www.Do-Diligent.com |
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West Bend, Wisconsin
Posts: 189
Joined: May, 2005
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Inspecting Your E&O Insurance
[#5] Posted: 08/22/2006 - 6:49:09 PM | | |
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$5,000 deductible is a bit steep. Most are at 1500 to 2000. I believe this is were they are getting the rates down.
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Carl Eisen
Appletree Home Inspections LLC
www.appletreeinspections.com
"When you come to a fork in the road, take it."
- Yogi Berra
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Columbus, Mississippi
Posts: 3169
Joined: Dec, 2003
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Inspecting Your E&O Insurance
[#6] Posted: 08/22/2006 - 10:54:44 PM | | |
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So far in my career it wouldn't matter if the deductable was $50,000...never had a claim. I just re-upped and was too busy to shop around, but I hope compare a few next year. I'll be looking for exactly that kind of deal; a higher deductable and a lower price.
Brian G.
Insurance Rich, & Cash Poor Because of It 
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