What insurance company do you use? - REO Property Preservation Forum
 
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post #1 of 9 (permalink) Old 04-15-2019, 04:22 PM Thread Starter
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Question What insurance company do you use?

I'm looking to subcontract under Xome. They are requiring the following:

i) Commercial General Liability Insurance with a combined single limit of not less than $1,000,000
per occurrence and $2,000,000 aggregate; using ISO form CG 00 00 01 or equivalent language,
including Premises-Operations, Products-Completed Operations and Contractual Liability.
Coverage restrictions relating to Residential work will not be accepted. Satisfaction of this
requirement must be confirmed within the comments section of the ACCORD certificate.
ii) Workers’ Compensation Insurance and employer’s liability coverage of at least $1,000,000 per
occurrence;
iii) Commercial Automobile Liability Insurance, in the event a motor vehicle is to be used in
Vendors performance of Services, covering liability arising out of any auto (owned, hired and
non-owned) with a combined single limit of no less than $1,000,000;
iv) Errors and Omissions/Professional Liability Insurance (extending such coverage to the services
contemplated by this Agreement) with $1,000,000 limit of liability (on claims made basis). The
policy Retro Date will be no later than the first date on which services will be supplied under
the MSA.
Are there any insurance companies that specialize in this field of work? Should I price shop or 'go with the best'? There seems to be some confusion when I call them asking about E&O for this line of work. I guess they don't get this question often.

TIA!
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post #2 of 9 (permalink) Old 04-23-2019, 04:05 PM
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try York Jersey 732-842-2012
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post #3 of 9 (permalink) Old 04-24-2019, 10:00 AM
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call around.......ask if they have GL / E&O preservation package, some will say "HUHhhhhhh??? what? why? ummmmmm....." others will say "yup sure do, what nationals do you intend on working with" ..... some will be WAY over priced so shop around

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post #4 of 9 (permalink) Old 04-24-2019, 02:14 PM
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just looked, i use gaslamp insurance out of California, my 2M GL / E&O costs $115 a month. i called and asked "do you do GL/E&O packages?" he replied with "Inspections or preservation?" .... AND i haven't come across a company that wont accept it yet... hope this info helps!!!!

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post #5 of 9 (permalink) Old 06-20-2019, 09:43 PM
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just changed to york jersey. A pleasure to work with and low rates.
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post #6 of 9 (permalink) Old 06-24-2019, 04:09 PM
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GasLamp ????

Quote:
Originally Posted by D.R.S. View Post
just looked, i use gaslamp insurance out of California, my 2M GL / E&O costs $115 a month. i called and asked "do you do GL/E&O packages?" he replied with "Inspections or preservation?" .... AND i haven't come across a company that wont accept it yet... hope this info helps!!!!
Gaslamp Insurance as in >> https://gaslampinsurance.com/

if this is the same company, you may want to get a copy of the "exclusions" which it appears damages to property is excluded in their coverage.
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over and out
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post #7 of 9 (permalink) Old 06-24-2019, 04:11 PM
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Wait!

Quote:
Originally Posted by TargutMarketing View Post
I'm looking to subcontract under Xome. They are requiring the following:

i) Commercial General Liability Insurance with a combined single limit of not less than $1,000,000
per occurrence and $2,000,000 aggregate; using ISO form CG 00 00 01 or equivalent language,
including Premises-Operations, Products-Completed Operations and Contractual Liability.
Coverage restrictions relating to Residential work will not be accepted. Satisfaction of this
requirement must be confirmed within the comments section of the ACCORD certificate.
ii) Workers’ Compensation Insurance and employer’s liability coverage of at least $1,000,000 per
occurrence;
iii) Commercial Automobile Liability Insurance, in the event a motor vehicle is to be used in
Vendors performance of Services, covering liability arising out of any auto (owned, hired and
non-owned) with a combined single limit of no less than $1,000,000;
iv) Errors and Omissions/Professional Liability Insurance (extending such coverage to the services
contemplated by this Agreement) with $1,000,000 limit of liability (on claims made basis). The
policy Retro Date will be no later than the first date on which services will be supplied under
the MSA.
Are there any insurance companies that specialize in this field of work? Should I price shop or 'go with the best'? There seems to be some confusion when I call them asking about E&O for this line of work. I guess they don't get this question often.

TIA!

Farm Bureau seem to have a solid commercial auto program

I wouldn't necessarily shop price because they may not cover what you need, when you need it and I wouldn't necessarily take the most expense either.

First ask yourself why are you getting it and what do you want it to protect? that's what you go for!



https://orep.org/ (it's who I used- consistent across the board)

https://www.brunswickcompanies.com/p...-preservation/ (easy to get in, difficult to get support), kept raising the rate and had planned on raising the rate for the next 3 years. dropped them and went to orep (which were consistent)

https://www.york-jersey.com/mortgage_form.html (seem to have a solid coverage program, but paid for it. prices comparable to the preservation market seemed a bit high)

there's a few to start with.

over and out
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post #8 of 9 (permalink) Old 06-27-2019, 10:28 PM
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To be honest there is so much work in my area all this extra insurance like errors and omissions is being overlooked. I have so many companies calling me to do work right now and the first thing I say is well I don't have errors and omissions and they say " well we have a bunch of past due jobs that need to get done" they are even skipping the onboarding process emailing me the work orders and giving me a temporary ppw login just to get the work done. Nope I have no idea what's going on right now.
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post #9 of 9 (permalink) Old 08-22-2019, 03:05 PM
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I am looking for more work. I am in the Philadelphia area. Thanks.
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