OREP Now Includes General Liability Coverage Free!

[Isaac Peck]

Hello TIJ Readers!

OREP has expanded its E&O coverage to include general liability at no additional cost, in its E&O coverage program, in all states.

Most other "incidental" coverages are included also, like pest, radon, and commercial coverage. $300,000 aggregate limit is $1,250 and includes all these coverages, plus discounted education and more. Simple, convenient application allows you to avoid quoting time and gets you back to work quickly. No taxes, no policy fees. Check www.OREP.org for more. OREP has been writing insurance for inspectors for 12 years and publishes Working RE magazine: http://issuu.com/workingre/docs/homeins ... ode=window

[Marc]

I just applied this AM so I'm looking forward to a response to the tune of $1,250. []

Marc

[Tom Raymond]

That's pretty spendy for a policy that doesn't meet NY licensing minimums.

[hausdok]

What are the NYS minimum?

OT - OF!!!

M.

[Tom Raymond]

$500K GL.

[hausdok]

OK,

I think you didn't understand his post. The OREP program is an E & O program and the general liability is thrown in at no additional cost. The limit is the same for both E & O and GL. The $1250 rate is for $100,000/$300,000 E & O coverage with GL. For the $500,000/$500,000 required by NYS, with a $2500 deductible the E & O is $1800 a year including the GL.

I don't know what folks are paying for E & O these days but the last time I had it they were charging me almost $4000 a year with a $1000 deductible and that didn't include GL.

ONE TEAM - ONE FIGHT!!!

Mike

[Tom Raymond]

I don't need E&O. I have $2 million in liability, plus 5K in medical, 20K in equipment, and 10K in earnings coverage for less than $500 a year.

That's still too much.

I don't see how anyone can get started in a State that requires E&O.

[Marc]

...I don't see how anyone can get started in a State that requires E&O.

Over 200 inspectors have done so in Louisiana and 300K/300K in E&O/GL is the requirement.

The fuel bill for my truck is three times that much.

Marc

[palmettoinspect]

Marc how'd it go with OREP? Thinking about going with them.

[Marc]

Marc how'd it go with OREP? Thinking about going with them.

Just make dang sure that they have a carrier for the GL cause buying GL separately is near impossible. You need to buy both, E&O and GL, from the same vender.

I was looking at them again two months ago after my previous vender told me they lost their carrier. They found a new carrier shortly thereafter, otherwise David B would have gotten my application/chk. His offer was up there among the best.

Marc

[InspectorPro Insurance]

Old post but it's worth responding to since the market has changed quite a bit....

Most home inspection insurance providers nowadays include general liability (GL) with their errors and omissions (E&O) quotes at no additional premium charges.

As @hausdok described earlier, providers typically write the same limits for the two types of coverage. (Example: If you purchase $1,000,000 / $1,000,000 in E&O, providers will usually write you $1,000,000 / $1,000,000 in GL.) The limits you choose are one of several factors underwriters use to determine your rate. (For tips on choosing insurance limits, I recommend reading our article "4 Ways to (Re)Choose Your Limits" here.)

 As for @Marc's comment about buying GL-only policies being near impossible, that's still pretty true in the home inspection insurance space. However, with more states passing GL-only laws, some providers are making exceptions, so I'd suggest speaking with your preferred provider to see if they'll write just GL for you. Otherwise, local insurance providers can be a good option. Just be careful purchasing GL-only coverage from someone unfamiliar with the property inspection industry because they may write in exclusions you don't want to have. (i.e. No mounting roofs. No climbing ladders.)

For help understanding the differences between E&O and GL and why insurance specialists in the home  inspection space recommend carrying both, I recommend reading this article.

Hope future readers find those updates relevant and useful!