Home Inspector Policy/Program Details
(Please note: Certain coverages vary by state. Please ask your OREP agent.)
• Carrier is Rated “A” Admitted, (Excellent) by A.M. Best. In business since 1852.
• Comprehensive protection against the unique E&O exposures facing home inspectors.
• Coverage for costs associated with repairs due to the failure to identify a defect on an inspection report.
• Coverage for Bodily Injury & Property Damage costs that result from an oversight or error of a home inspection.
• Coverage for costs associated with accidents that occur during the course of an inspection (Premises Liability).
Includes essential coverages* that every inspector should have: Radon, Termite/WDI/WDO, Prior Acts, Lead Paint, Pool & Spa, EIFS/Stucco, Indoor Air Quality Testing, Green Building Inspections, Infrared Thermography, and Rodent inspections. Mold and Septic/Water testing available for additional premium.
• Coverage for real estate agents, brokers, mortgage lenders & relocation companies automatically named as additional Insureds for referrals.
• Coverage for commercial and industrial inspections.
• Premium Discount for Membership in Professional Associations.
• Energy Rating and Mortgage Field Service Inspections included at no additional charge.
*Please note: If you live in HI and NY, different coverages apply. Please ask your OREP agent.
Special Policy Features
• Policy includes coverage for all the inspectors employed by the firm and independent contractors are included free. Independent contractors are part of the definition of “insured” with this policy.
• “First Defense” claims adjusters in place to defend and protect insureds against merit-less and frivolous complaints before they take root, potentially saving inspectors deductible expense, higher premiums and a negative claims history.
• Policy has a broad definition of “claim” which includes any “written demand.” It does not require the demand for money for there to be a duty to defend. (If your policy defines a claim as a demand for “money,” if there is no demand for money, the carrier has no duty to defend.)
• Policy includes punitive damages.
• Policy offers up to three years Extended Reporting Period coverage (or “tail” coverage), should you decide to retire or sell/close your business. This covers you for claims that could arise in the future after you’ve stopped inspecting.
• Policy provides for a full prorated premium, should you decide to cancel at any time during the policy term.
• Policy is non-auditable. Premium adjustments can only be made upon renewal, and never after the policy has expired.
More Policy/Program Notes:
Duty to Defend and “pay on behalf of” contract
1,2 & 3-year Extended Reporting Period (ERP) options available
Defense Outside the Limit of Liability available
Personal Injury Coverage Built In
50% deductible reduction if the Insured agrees to use mediation and the claim is resolved by mediation
Coverage for suits against spouses and domestic partners of the Insureds
Coverage for Independent Contractors of the Insured (subject to terms in the policy form)
Tailored definition of Professional Services — provides individually crafted policies to accommodate all services being provided under one policy form
Automatic Coverage for acquired or created Subsidiaries (subject to terms and conditions of the policy)
Automatic 30-day post reporting period