Insurance 101

Your insurance policy is a contract between you and your insurance carrier. As such, it’s important for you to know the terms to which you agreed to so you can make sure that you and your carrier fulfill your ends of the bargain, which qualifies you for coverage. That’s where your policy’s Conditions section comes…

What damage can a drone cause when it collides with a person? According to an article by Popular Mechanics, the answer is that it depends. In an 18-month long study by the Alliance for System Safety of UAS through Research Excellence (ASSURE), researchers flew drones into and dropped drones onto crash dummies and cadavers to…

“I was a little bit skeptical of using [a pre-claims assistance program] at first because—with all insurance, not just home inspection [insurance]—I felt like it might come back to bite me,” Scott Frey of PRC-Home Inspections in Ohio told us in a recent interview. Frey isn’t alone. Many home inspectors have concerns about reporting incidents…

Could or have one of the following scenarios happened to you? The owner of the home inspection company that you work for dies unexpectedly. When he retires, the owner sells his home inspection business to you, his employee. To get into the business, you buy the name of a prominent home inspection company in your…

When shopping home inspection insurance, you have a lot of factors to consider. Are the insurer’s policies claims-made or occurrence? What exclusions and endorsements does the policy include? And does the provider offer any perks like pre-claims assistance or a diminishing deductible? (You can read more on the key characteristics to consider when shopping insurance…

Six months after an inspection, the client calls. During some remodeling, they found issues in the home that they think your inspection should have caught. They haven’t asked for you to pay for any repairs, but they sound upset and they’re looking to you for answers. How can you respond? You want to keep a…

During a recent home inspection, you missed the polybutylene pipes in the attic. When your clients, the home buyers, discovered your error, they were furious. They didn’t just sue you; they sued everyone involved in the home’s sale. That included the real estate agent that referred the job to you. What is referring party indemnification?…

Did you know that not all insurance policies are created equal? Or that policies can exclude some business practices? If you don’t know the ins and outs of your policy, you could end up buying less coverage than you need. In this article, we go over three of the most common insurance policy pitfalls plaguing…

Earlier this year, one of our insured home inspectors sent his radon monitor in for calibration. When the servicing was complete, the manufacturer shipped the monitor back to the home inspector. But, when the inspector returned home, the radon monitor was nowhere to be found. The inspector put in a claim with the radon monitor…

Not long ago, we were looking at a home inspector’s workers’ compensation policy. But, unknown to that home inspector, their carrier wasn’t familiar with the inspection industry. Yet, despite their lack of know-how, the carrier didn’t want to turn the home inspector away. Instead, the provider sorted the client in the closest group they already…