VRM now wants E&O on top of GL - REO Property Preservation Forum
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post #1 of 18 (permalink) Old 03-03-2017, 07:49 PM Thread Starter
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VRM now wants E&O on top of GL

Really? What would I possibly need E&O for? It is ridiculous. My insurance agents were even baffled. There is simply no logical reason. They just can't keep taking money like this. I told them to forget it. I dont' get enough business and an E&O policy costs more than I get from an entire property.
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post #2 of 18 (permalink) Old 03-03-2017, 11:12 PM
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The rest of us have had E&O from day one. Welcome to 15years ago bro. Next you are going to learn that people would rather type a conversation than talk. It's called text! I know what you are thinking. "it will never work" well it did!

You are also going to be bummed you didn't buy Apple stock.
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post #3 of 18 (permalink) Old 03-04-2017, 12:19 AM Thread Starter
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First, I don't understand your sarcasm or your tone, so maybe I am missing something

Second, last time I looked down my shirt I wasn't your "bro".

Third, I have general liability, I work for many companies and have never been asked to have E&O and neither of my insurance agents have heard of such a thing for what kind of work I am doing.

But hey, sure bite off my head and be rude and sarcastic, I am sure I earned in some way. Or not.
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post #4 of 18 (permalink) Old 03-04-2017, 12:42 AM
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E&O is normal and is needed in the P&P business for many many reasons but an everyday Insurance agent doesn't have the knowledge base to understand why...
Not slamming your agent it's just a business that all the errors fall on the last contractor at the home.
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post #5 of 18 (permalink) Old 03-04-2017, 07:42 AM
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If you are talking about having to buy VRM's version of E&O, then I agree. I was never a fan of company stores, but having the necessary credentials, including specific coverages, gives the client a little more confidence you aren't the typical hack with a truck bed full of beer cans who will butcher a job and then walk away.
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post #6 of 18 (permalink) Old 03-04-2017, 09:37 AM
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Quote:
Originally Posted by Justgettinby View Post
First, I don't understand your sarcasm or your tone, so maybe I am missing something

Second, last time I looked down my shirt I wasn't your "bro".

Third, I have general liability, I work for many companies and have never been asked to have E&O and neither of my insurance agents have heard of such a thing for what kind of work I am doing.

But hey, sure bite off my head and be rude and sarcastic, I am sure I earned in some way. Or not.
If you have never had to have it before it leads one to question who you were working for? Even my private clients require it in some cases. More importantly you want to have it to protect yourself.

Call York-Jersey.
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post #7 of 18 (permalink) Old 03-04-2017, 12:57 PM
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If you have never had to have it before it leads one to question who you were working for? Even my private clients require it in some cases. More importantly you want to have it to protect yourself.

Call York-Jersey.
I agree with carrying it and wonder how one can even be in the industry with out it, but I would never buy it from one of the "approved" vendors of the nationals, if the company is "approved" it means they have no problem screwing the person paying for the policy, I found a policy locally and have to approve any claim payout, I would not have a policy without that clause

Stay away from fools, for you won't find knowledge on their lips.
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post #8 of 18 (permalink) Old 03-05-2017, 01:03 PM
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I typically do not do pre-sale. REO in my experience does not require E&O. I have a direct federal contract with USDA and they don't require it either. For those with the volume to be "All In P&P" it wouldn't be bad but due to low volume, preservation accounts for less than 20% of my annual sales and a preservation/e&o policy WILL NOT cover the other 80% of the work i do. So if a company won't take what i have, i move on as i am NOT buying 2 separate policies.

Here is what is mind boggling. Say 111 Main street is in pre-foreclosure and needs a roof. Safeguard contractor is not a licensed roofer so SG asks them to get 3rd party bids. ABC roofing is the low bidder and gets the job. ABC roofing is NOT required to have E&O. Their contractors general liability is sufficient. Something stinks here and it's not the cheese in Denmark. That said, I have $25K professional liability (AKA e&o) as part of my general contractors liability package. Not sufficient for P&P though.......
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post #9 of 18 (permalink) Old 03-06-2017, 12:28 PM
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Originally Posted by mtmtnman View Post

Here is what is mind boggling. Say 111 Main street is in pre-foreclosure and needs a roof. Safeguard contractor is not a licensed roofer so SG asks them to get 3rd party bids. ABC roofing is the low bidder and gets the job. ABC roofing is NOT required to have E&O. Their contractors general liability is sufficient. Something stinks here and it's not the cheese in Denmark. That said, I have $25K professional liability (AKA e&o) as part of my general contractors liability package. Not sufficient for P&P though.......
because if screwguard contractor buys insurance from "approved" insurance vendor SG will just approve claim against SG contractor and not even pursue the sub contractor

Stay away from fools, for you won't find knowledge on their lips.
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post #10 of 18 (permalink) Old 03-06-2017, 01:37 PM
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Do you also have the required Workers Comp insurance?
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