SG and their "preffered brokers" for Insurance - REO Property Preservation Forum
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post #1 of 16 (permalink) Old 04-24-2013, 10:28 AM Thread Starter
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SG and their "preffered brokers" for Insurance

So for the years i have worked for SG i never really had any issue i get paid more per mow than most i get paid in full and have a very low no pay ratio and all bids get accepted for the most part and really overall they havent really made me mad until i got this e mail........My insurance isnt up for renewal until 10/04/13 and this is what the email read....


"A recent insurance audit has identified that the last certificate of insurance you provided is expired. We require a current copy of insurance from an approved provider within 7 days to continue to assign work.

Please note that all vendors performing work for Safeguard Properties must obtain/maintain coverage from one of the approved brokers. I talked to the girl that sent it to me and her response was that alot of contractors policies do not cover everything that is needed. But thats funny because when i started with them 4 years ago i exceeded what was needed. So basically my thought is that they are getting a kick back from these brokers and so its easier for them to claim against your E&O insurance. Which i told them i will work for then until my policy is up for renewal and then i will be done i refuse to be told where i am going to buy MY business insurance for MY COMPANY, I am one of their top vendors in michigan from what they say which is why i think my pricing is more but if they want to keep me then they will not pursue this with me and they can hire a craigslist king "contractor" and see how that works for them. Has anyone else seen or heard of this with other companies?
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post #2 of 16 (permalink) Old 04-24-2013, 10:36 AM
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post #3 of 16 (permalink) Old 04-24-2013, 01:09 PM
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Originally Posted by Weisspropmaintenance View Post
So for the years i have worked for SG i never really had any issue i get paid more per mow than most i get paid in full and have a very low no pay ratio and all bids get accepted for the most part and really overall they havent really made me mad until i got this e mail........My insurance isnt up for renewal until 10/04/13 and this is what the email read....


"A recent insurance audit has identified that the last certificate of insurance you provided is expired. We require a current copy of insurance from an approved provider within 7 days to continue to assign work.


Please note that all vendors performing work for Safeguard Properties must obtain/maintain coverage from one of the approved brokers. I talked to the girl that sent it to me and her response was that alot of contractors policies do not cover everything that is needed. But thats funny because when i started with them 4 years ago i exceeded what was needed. So basically my thought is that they are getting a kick back from these brokers and so its easier for them to claim against your E&O insurance. Which i told them i will work for then until my policy is up for renewal and then i will be done i refuse to be told where i am going to buy MY business insurance for MY COMPANY, I am one of their top vendors in michigan from what they say which is why i think my pricing is more but if they want to keep me then they will not pursue this with me and they can hire a craigslist king "contractor" and see how that works for them. Has anyone else seen or heard of this with other companies?

yep i had looked signing on with until I found out had to buy there insurance! looked like akick back too me!
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post #4 of 16 (permalink) Old 04-24-2013, 01:11 PM
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yep i had looked signing on with until I found out had to buy there insurance! looked like akick back too me!

I would love to see SG go the way that FAS did(fall on there face)! I think there just too big and are causing some of the problems!
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post #5 of 16 (permalink) Old 04-24-2013, 01:21 PM
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We stopped buying their "in house" E&O after 5 or 6 years. They would start the same biz every 6 month's or so and we just said no. Kept getting work. It depends more on your location and contractor pool than your quality of work.
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post #6 of 16 (permalink) Old 04-24-2013, 02:22 PM
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NOPE NADA NO WAY

A recent audit of our accounts receivable indicate when compared to other companies we perform services for that SG rates are piss poor comply or find another vendor
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post #7 of 16 (permalink) Old 04-24-2013, 03:25 PM
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I refuse to be told who to get insurance from. Ours is just as good as any other company.
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post #8 of 16 (permalink) Old 04-24-2013, 08:55 PM
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I don't think it's a kickback, my insurance agent at Insurance Tek (NOT one of the 3 required) explained it as a difference in coverage. She said the policies provided by those 3 allow for chargebacks up to 5 years after your insurance coverage is cancelled. The policy I had with Insurance Tek does not. I don't like having to do it, but it doesn't ruffle my feathers enough to make me wanna give up SG.
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post #9 of 16 (permalink) Old 04-24-2013, 09:22 PM
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I don't think it's a kickback, my insurance agent at Insurance Tek (NOT one of the 3 required) explained it as a difference in coverage. She said the policies provided by those 3 allow for chargebacks up to 5 years after your insurance coverage is cancelled. The policy I had with Insurance Tek does not. I don't like having to do it, but it doesn't ruffle my feathers enough to make me wanna give up SG.
I checked into this insurance with Brunswick. I passed because it only covers P&P work for select companies (i.e. safeguard and a few others).

I would have still had to carry my current insurance for lawn maintenance, landscaping, trash outs, etc. for my other customers (i.e anyone who is not a national on the short list they have).

Since I know that Safeguard will not pay enough to support a policy that would only apply to them I passed on it.
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post #10 of 16 (permalink) Old 04-24-2013, 10:15 PM
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Originally Posted by ontimepres View Post
I don't think it's a kickback, my insurance agent at Insurance Tek (NOT one of the 3 required) explained it as a difference in coverage. She said the policies provided by those 3 allow for chargebacks up to 5 years after your insurance coverage is cancelled. The policy I had with Insurance Tek does not. I don't like having to do it, but it doesn't ruffle my feathers enough to make me wanna give up SG.
Quote:
Originally Posted by Weisspropmaintenance View Post
So for the years i have worked for SG i never really had any issue i get paid more per mow than most i get paid in full and have a very low no pay ratio and all bids get accepted for the most part and really overall they havent really made me mad until i got this e mail........My insurance isnt up for renewal until 10/04/13 and this is what the email read....


"A recent insurance audit has identified that the last certificate of insurance you provided is expired. We require a current copy of insurance from an approved provider within 7 days to continue to assign work.



Please note that all vendors performing work for Safeguard Properties must obtain/maintain coverage from one of the approved brokers. I talked to the girl that sent it to me and her response was that alot of contractors policies do not cover everything that is needed. But thats funny because when i started with them 4 years ago i exceeded what was needed. So basically my thought is that they are getting a kick back from these brokers and so its easier for them to claim against your E&O insurance. Which i told them i will work for then until my policy is up for renewal and then i will be done i refuse to be told where i am going to buy MY business insurance for MY COMPANY, I am one of their top vendors in michigan from what they say which is why i think my pricing is more but if they want to keep me then they will not pursue this with me and they can hire a craigslist king "contractor" and see how that works for them. Has anyone else seen or heard of this with other companies?
Don't be to sure Ontimepres. A while back I looked into the ownership of Leaonard Insurance Group. While they might not be "kicking back", you will be directly contributing, just like if you buy supplies from MFS supply.....



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