Home Inspectors – Claims Made Policy

Claims Made
Every home inspector we are aware of has a “Claims Made” E&O/GL insurance policy. For the policy to respond to a claim, 1) the inspection has to occur during the policy period (when you were insured) and 2) the claim has to be reported during the policy period. If you let your policy lapse by failing to renew on time or be cancelled due to nonpayment, the policy term ends and so does coverage for all prior inspections completed during the policy period. All home inspector E&O policies work this way. If a claim surfaces from a past inspection after your policy has lapsed, even if you were covered at the time, there is no coverage for that claim. Moving your policy to another company at renewal is perfectly fine, as long as the new company offers prior acts coverage and there is no lapse in coverage. If you plan to retire or stop inspecting, please call us about tail coverage. Tail coverage protects coverage for those past inspections into the future