Mold E&O insurance

[Ronald G. Chorey II]

Anyone have E&O for mold sampling? Is it expensive? Is anyone doing sampling without insurance?

thanks

[Douglas Wall]

Legends has been good for us

Brian McFarland
7615 N. 16th Lane, Phoenix, AZ 85021
Phone: 888-261-9298 • Cell: 602-770-7432 • Fax: 602-798-7695

E-mail: BrianM@legends-enviro.com

http://www.amiaq-marketing.com/default_1.htm

• Microbiological Assessments coverage for pre cleanup. (Mold inspection)
• Consulting on Microbiological Decontamination project covers CLEARANCE testing / inspection.

[Ronald G. Chorey II]

Thanks

[Joe Farsetta]

You may also consider using ADRS in instances where there is a gap in coverage.

While ADRS is NOT insurance, it helps ensure that the accused gets a fair shake.

[Ronald G. Chorey II]

What is ADRS?

[Joe Farsetta]

www.nachiadrs.com

[Ronald G. Chorey II]

thank you guys

[Douglas Wall]

Note from my agent, thought it might be of interest to Florida inspectors.
Everyone doing mold will be required to have $1million liability and E&O next year in Florida.

"Doug
Not all professional liability for mold is going to cover initial assessments, scope writing and post clearance testing. This will be defined by the carrier and the policy has to be read to understand if these exposures are covered. For example, there was a policy that was popular in Florida promoted by the ESA that was underwritten by Lloyds. Although a company was able to get a certificate of insurance with proof of Mold E&O, only a mold screening was covered and scopes of work and post clearance testing was excluded from the policy. I have attached a legal write up of this policy.
Below is some information regarding Professional Liability/E&O.
FAQ
(1) What's the difference between Professional Liability, Errors & Omissions.
Professional Liability (PL) and Errors & Omissions (E&O) Insurance are terms used interchangeably to describe insurance covering any alleged mistakes, acts, errors or omissions on the part of the policyholder. The term Professional Liability Insurance is frequently used for licensed professionals.
(2) What's a "claims made" policy? How is that different from most liability policies?
Most PL / E&O policies are written on a "claims made" basis. That means that yourcurrentinsurance carrier will protect you when the claim is made, i.e., when the claim is presented for the first time, even if the alleged mistake, act, error or omission happened in the past. With most "occurrence" policies, the carrier that was insuring you when the incident occurred will be the carrier responsible for defending you now, even if you're sued after the policy expired.
(3) What's a "retroactive date"?
The retroactive or "retro" date shown on your currentpolicy is the date from which yourcurrentinsurance carrier will cover you when a claim is first made / first presented.
Let's say you had ABC Insurance Company from 12/1/1990 until 12/1/2005. You're now insured by XYZ Insurance Company. If the alleged mistake, act, error or omission happened on 10/1/1999, yourcurrentinsurance carrier will cover you as long as the "retro" date shown on your currentpolicy goes back to at least 10/1/1999. Whenever possible, your "retro" date should go back to the date you first took out a PL / E&O policy.
(4) What happens if I cancel my PL / E&O Policy?
PL / E&O policies "self-destruct" once you or the carrier cancel your policy. That means if a claim is presented 6 months after your policy was dropped, you'll have no protection. If you cancel your policy, you would have the option to purchase tail coverage or an extended reporting period.
(5) Is there a deductible? How does it work?
Most PL / E&O policies have a deductible. In the mold insurance world, most are $5000 or $10,000 per claim. Some offer as low as $2500 per claim. The deductible usually applies to your defense costs (attorney's fees, expert witnesses, etc.) as well as to actual payouts by your insurance carrier to the parties suing you. You are responsible for paying this deductible.

Doug Wall
Radon & Mold Professionals
Office: (239) 498-4619 Toll free: (800) 881-3837 www.radonmoldhelp.com
www.naplesmoldinspection.com
Radon Testing - Mold Inspections - Mold Testing - Allergen Screening
Volatile Organic Compounds Testing - Odorous/Chinese Drywall Assessment

Professional Liability / $1,000,000 General Liability and Errors & Omissions Insurance
(Covers preliminary mold assessments and also "Chinese" Drywall Inspections)

Microbial Consulting Coverage: $1,000,000 / $1,000,000 limit / claims made
(Covers Post mold remediation inspections/testing, CLEARANCE)