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post #1 of 9 (permalink) Old 09-06-2013, 10:40 AM Thread Starter
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Insurance

So we have to renew our insurance next month and I wanted to eliminate the E&O. My insurance agency is telling me they can't do that, which I don't believe. Anyway I was wondering if any of you guess had just GL and whom did you get it from? We have York/jersy.
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post #2 of 9 (permalink) Old 09-06-2013, 11:37 AM
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That was your first mistake getting it from them. You can change your policy whenever you want. Just them giving you that answer is enough to drop them. We have Atlantic insurance
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post #3 of 9 (permalink) Old 09-06-2013, 09:00 PM
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If your insurance is coming up for renewal and they are laying that kin d of garbage i would start shopping around. Again as stated above, It is your insurance and you can make what ever changes you want.
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post #4 of 9 (permalink) Old 09-06-2013, 09:04 PM
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York Jersey is nothing more than a mill for outfits like safeguard and others.
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post #5 of 9 (permalink) Old 09-06-2013, 09:49 PM
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We use Arlington and Roe and we continue to carry E&O. It's a dangerous world out there we need all the safety nets we can get.
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post #6 of 9 (permalink) Old 09-06-2013, 11:02 PM
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I have only CGL. I limit my exposure by not doing work that would allow for an E&O claim. I have had several discussions with my agent about this and follow his advice. I figure since he has been in the same location for 125 years and is the fourth generation to run his company he knows more about it than I do.

I checked into the same coverage you have and found out that it only covers you for work with the company that requires it. If you do any work for anyone else that work is not covered. So basically you have to have one policy for them and a second one for everyone else.

I decided to work only for everyone else and passed on the policy.

Another thing I found out is that they expect there to be an E&O claim made within the first five years of the start of the policy and raise your rates every year for the first five years to cover the costs of the claim before it happens. As if they have already decided they are going to pay out the first claim without protest and are charging you in advance for it. Smelled too much like a fish to me.
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post #7 of 9 (permalink) Old 09-06-2013, 11:14 PM
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Quote:
Originally Posted by Gypsos View Post
I have only CGL. I limit my exposure by not doing work that would allow for an E&O claim. I have had several discussions with my agent about this and follow his advice. I figure since he has been in the same location for 125 years and is the fourth generation to run his company he knows more about it than I do.

I checked into the same coverage you have and found out that it only covers you for work with the company that requires it. If you do any work for anyone else that work is not covered. So basically you have to have one policy for them and a second one for everyone else.

I decided to work only for everyone else and passed on the policy.

Another thing I found out is that they expect there to be an E&O claim made within the first five years of the start of the policy and raise your rates every year for the first five years to cover the costs of the claim before it happens. As if they have already decided they are going to pay out the first claim without protest and are charging you in advance for it. Smelled too much like a fish to me.
That is interesting for sure. Our policy is based on our business the year prior. The years we do well it goes up. The years we have grossed less the insurance goes down. Each of my clients is named additionally insured on the policy so I SHOULD be covered if we aren't I don't know what more we could do? I'm going to keep the E&O as long as I do this. We have an umbrella and several other policies. Insurance is one of our biggest expenses.
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post #8 of 9 (permalink) Old 09-07-2013, 08:48 AM
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If you provide any type of inspection....any type...E&O= Good Idea

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post #9 of 9 (permalink) Old 09-08-2013, 07:54 PM
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I do not do inspections. They do not pay enough. I will advise my customers of what I suspect may be an issue if I see something and I recommend they get someone with the appropriate licensing and insurance to inspect whatever it is so they can get a qualified recommendation as to whether or not it is an actual issue that may or may not require further action on the part of the properly licensed and insured contractor.

For example...

During a recent rain storm, I observed water running down the walls in the kitchen and living room. The source of the water may or may not be from a broken water pipe or it may or may not be the result of a leaking roof which may or may not have had its water tight integrity compromised by the very large oak tree that appears to be lying across the house. I recommend a plumbing and/or roofing contractor licensed and insured in the state of Florida be contacted to reform an inspection to determine the actual source of the water inside the dwelling.

What they choose to do with this information is not my problem. I have informed them that there may or may not be an issue with the property that they may or may not choose to look in to further.

Then I mow the grass and leave.
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