Lowest down payment E&O insurance?

[Frank L. Bartlo]

The housing market is very tough here in the Detroit area, and I think I'm losing a lot of business to insured inspectors -- less market activity implying more "shopping around." I've had a few callers ask me if I had insurance who ultimately didn't hire me -- a high % of the non-referral calls I've been getting. It stands to reason that even more must visit the web site and go elsewhere to find an insured inspector.

The "discounted" E&O insurance through NACHI has a very front-loaded payment plan: 40% down, and 20% more in 30 days. I'd rather pay a higher premium with less initial cost.

Anybody find anything with a better payment plan, e.g., monthly and a much lower dpwn payment?

Am I correct in thinking I'm losing a lot of business for lack of insurance?

[Dale Duffy]

Frank,

Allen Insurance allows you to pay by the month.

I don't know what your cost is, it depends on numerous factors, but you can pay as you go.

[Frank L. Bartlo]

Mucho thanks, Dale.

I called them and it appears what they offer not only has a lower down payment, but is much less expensive overall as well. They said it shoild run about $1600 total, with 25% (~$400) down and the remainder over 11 payments ~ $110 each. Much, much better!

[Ben L. Garrison]

Our (FREA's) "installment option" requires you to put $350 down with the application and will send you 8 subsequent invoices for the remainder of the premium. For new inspectors, it's $750 down with the app.

[Larry D. Kage]

Originally Posted by fbartlo

I've had a few callers ask me if I had insurance who ultimately didn't hire me -- a high % of the non-referral calls I've been getting. It stands to reason that even more must visit the web site and go elsewhere to find an insured inspector.

Or it's the insurance agents drumming up business.

[mchizmar]

Frank, If you don't mind me asking how did you get a plan for only $1600 total? My last Phone call with them (ALLEN) had me at about $3200 total. Were you once a contractor?

[William M. Corbett]

Wow! $1600 bucks is a deal. I think I paid 3650 plus another couple of hundred for G.L. I am using Target Ins., but thinking about switching in June.

[Ben L. Garrison]

$1600 annual? Is that for a $10,000 policy limit with deductible of 5K ???

Make sure that quote is firm.