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Inspecting Your E&O Insurance authorInspecting Your E&O Insurance
by David Brauner of OREP
08-17-2006

Here’s a riddle that more and more home 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 home 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 home inspectors in the firm (*premiums prorate up at higher revenue thresholds).

The minimum premium for the same coverage is $1,860 ($100,000 limit).

OREP, in business over five years, is the E&O provider of choice for more and more home 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 f
or 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 home 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.

Additional Insured Endorsement for Agents and other Referring Parties, Termite & Radon coverage, coverage for commercial inspections, pool, septic and new construction/code compliance are included.

Taxes and fees ($300-$400) are not included in the premiums listed in the table 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.


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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