New insurance requirements this summer? - REO Property Preservation Forum
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post #1 of 12 (permalink) Old 05-31-2016, 04:04 PM Thread Starter
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Angry New insurance requirements this summer?

Have any of you heard about the new insurance requirements that will be affecting contractors who are doing work for various big clients (MCS, Wells Fargo) I guess they will be requiring contractors to get insurance through only 3 companies (Brunswick, Leonard or York-Jersey) and now in addition to the standard $1 million GB they are now requiring $1million in E&O? If I could stay with my current agency I wouldnt care about the additional insurance but I HAVE to go through specific agencies??? They are saying its because these agencies SPECIALIZE in our industry.

Anyone hear about this?
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post #2 of 12 (permalink) Old 05-31-2016, 05:57 PM
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Safeguard and a few others did this 3 or 4 years back. The GL and E/O is a combined policy, so the $1 million dollar policy you get covers both GL and E/O. I got mine through Leonard. These policies are specifically for our industry.
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post #3 of 12 (permalink) Old 05-31-2016, 06:03 PM Thread Starter
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what kind of premiums are you paying? I did a quote with Brunswick and it was $2000 a year?!
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post #4 of 12 (permalink) Old 05-31-2016, 07:37 PM
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Couple of things to remember.
1. Who is anyone to tell you where you have to get your insurance from. Gee I wonder why they would want it that way?
2. The p&p insurance they require is only good fro p&p. So if you are a contractor working for private clients then you will still need your regular g/l. The p&p insurance from these companies will not cover you if you damage a regular customer's home.
3. You are an independent business person, that means you choose you insurance carrier.
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post #5 of 12 (permalink) Old 05-31-2016, 09:43 PM
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Insurance

These are the new guidelines and requests from clients and industy especially if working w nationals ,and aspen grove background check as well
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post #6 of 12 (permalink) Old 05-31-2016, 10:55 PM
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Quote:
Originally Posted by The Great PP Contractor View Post
what kind of premiums are you paying? I did a quote with Brunswick and it was $2000 a year?!

That's cheap! It's been a requirement for years.
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post #7 of 12 (permalink) Old 06-01-2016, 05:21 AM
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If based off of volume you may expect it to be much higher than that.
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post #8 of 12 (permalink) Old 06-01-2016, 07:35 AM
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We literally just switched to Brunswick companies from Orep and our premium is actually a lot cheaper. We have always had GL as well as E&O 1 mil in both and I was surprised when the premium came back lower.

The reason 2 of our huge clients gave us as to why we had to switch (SG is NOT one of our clients) is that not only do they specialize in our industry, but a lot of insurance agencies were not paying out claims when needed. So contractors think they are covered, but apparently they are not as covered as they think. So yes, switching companies is a total pain in the ass, BUT if I am fully covered AND my premium is cheaper I am for it.

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post #9 of 12 (permalink) Old 06-01-2016, 09:13 AM
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Your not fully covered.
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post #10 of 12 (permalink) Old 06-01-2016, 09:58 AM
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Your not fully covered.
With these new companies?
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