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.
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