Posted by Templin on 9/4/07 6:29pm
Msg #209337

Liability Insurance for Property Preservation

If anyone has general liabilty insurance for property preservation can they help me???I am sooo confused. I am looking at starting this but don't know exactly what I need and where to go. I have an appointment with my insurance guy tomorrow, so I need to know kind of fast. I see alot of them are saying $1M GL and also E&O. Is that $1M E&O? How do I add these companies on to my policies? For instance SafeGuard Properties stated the following:

Safeguard requires that all vendors must have $1 million GL and E&O coverage and have Safeguard listed as an additional insured on both policies prior to receiving work orders.

Help!!!

Reply by Lisa Prestegard on 9/4/07 6:30pm
Msg #209338

Good luck, and let me know if you get a decent premium rate. Seriously. PM me, or email me. My info is linked.

Reply by Joan_OH on 9/4/07 6:31pm
Msg #209340

you might have better luck on the sofi sight.

Joan-OH

Reply by Templin on 9/4/07 7:23pm
Msg #209349

I did try that and there was only one company listed, which I am waiting on a quote from.

Reply by MelissaCT on 9/4/07 6:40pm
Msg #209344

general liability is different than E&O

Reply by Margaret_FL on 9/4/07 7:32pm
Msg #209351

GL is separate from E&O and most companies will not just sell you GL but Nationwide sold me the GL for $286 a year. All other companies wanted to sell both and the quotes were $2500-3000. I was not required to have E&O. Now I work for a contractor that provides the insurance. I called around for 2 weeks before I found a company that would just do GL. I asked other inspectors who they used but they were not in Florida. Every state has different rates. I had to explain to all the insurance companies that I was not doing the repair work, I was inspecting the repair work or hat needed to be repaired. I do not climb ladders or crawl under houses, etc.

Reply by Templin on 9/4/07 7:35pm
Msg #209352

What I am planning on is inspections, trash outs, clean outs, board ups and that's mainly it.

Reply by PA_NOTARY on 9/4/07 8:00pm
Msg #209360

TRY THIS

http://www.orep.org/
IT WILL RUN ABOUT $1500 A YR

Reply by Margaret_FL on 9/4/07 8:21pm
Msg #209365

Re: TRY THIS

They quoted me $2800

Reply by Michelle/AL on 9/4/07 9:26pm
Msg #209377

Templin,

Thanks for posting this question. I am in the same boat as you are and I'm shopping for General Liability insurance right now. I'll let you know what I find out. After your meeting with your insurance agent tomorrow, please post in this forum what you learned from him. I am finding more companies are requiring me to have GL for field service/inspection work.

Reply by Heather Templin on 9/5/07 7:42am
Msg #209395

Re: Templin,

I think what I am going to do is fax him a copy of the insurance requirements that Maxim Ent has on their vendor application and see what they can come up with.

Reply by DogmongerCA on 9/5/07 10:21am
Msg #209410

This is what Richard Law of Sofi has to say about

insuracne and field inspections. I would be willing to bet that your local agent should be able to better any quote that you get in regards to preservations. He will take the time to sit down and listen to the actuall scope of the work to be done and should price accordingly. PS if you have multiple policies, you should be able to lean on him for a break. JMHO


Is insurance required for inspections?


The large majority of firms do NOT require insurance for inspectors. I would estimate that about 98% of the firms in the industry do NOT require insurance.

About a dozen or so of the firms in the residential mortgage segment of the industry require E&O insurance that costs about $2,400 a year. These inspections also pay the lowest fees in the industry - typically $3 - $6. Many firms in the residential mortgage segment can offer lots of volume because no one wants these low fee inspections. Commercial inspections typically pay in the range of $25 - $250 with the large majority typically in the $25 - $60 range.

The bottom line is that the commercial and insurance inspections pay the higher fees and insurance is usually not required. Residential mortgage inspections pay the lowest fees and most of the large national field service firms require E&O insurance.

Reply by Heather Templin on 9/5/07 12:11pm
Msg #209427

Re: This is what Richard Law of Sofi has to say about

My quote from OREP came back at $3000 for GL and E&O!!!!!!!!!!!!!!!!!!!!!

Reply by Michelle/AL on 9/5/07 2:03pm
Msg #209452

Gulp!

My gut tells me the bulk of that premium is for General Liability. Eegads! Nationwide doesn't sell GL in Alabama so I'm looking at other companies. Dogmonger, I know what SOFI.usa says about GL but some companies do require it. Templin, I'll let you know what I come up with here in Alabama.

Reply by Heather Templin on 9/5/07 2:16pm
Msg #209465

Re: Gulp!

Actually it was the E&O that cost $2500, the GL was only $500. I contact Nationwide and waiting to hear back from them. Statefarm won't do it either.

Reply by Margaret_FL on 9/5/07 3:38pm
Msg #209501

Re: Gulp!

You are right, it's the E & O that cost so much. I did not renew mine as the companies that had required it to work for them, did not give me enough work and the pay was too low. Yeah, I got called to do insurance inspections and they paid 3-5 dollars each. I said "You have got to be kidding right? Oh they said I would get over 250 inspections a month. I said "NO THANKS" I just did 10 inspections that took me 4 hours and each paid $75. I have been doing these inspections since 2001. I do alot of different inspections. Last year I was doing mobile home appraisals for refinance. A mobile home in a mobile home park is not real estate. I also did an appraisal of the park. I was getting $150 plus mileage for these. But they dried up do the the mortgage problem. No one is doing loans unless the mobile home is part of a land package. Oh well it was great while it lasted.