Insurance- How can a company require I carry insurance from a company they recommend? - REO Property Preservation Forum
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post #1 of 44 (permalink) Old 03-12-2012, 05:34 PM
home615
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Insurance- How can a company require I carry insurance from a company they recommend?

So I have gone through all the proper steps to become a business and secure insurance. Now that I am applying to companies, they are telling me I have to carry insurance from a company they suggest. Did I just screw myself on a year's worth of general liability? And thank God I haven't purchased the E&O yet! What if each company requires a different carrier!?
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post #2 of 44 (permalink) Old 03-12-2012, 05:42 PM
wildnwonderful
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My responce would be.....If your going to pay for it ill use your company, and if not i will use company of my choosing since I PAY FOR IT!!!!
post #3 of 44 (permalink) Old 03-12-2012, 06:07 PM
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They cannot tell you who you have to use. They would be restricting how you operate and the law won't allow it.

Worst case scenario, they just won't send you any work. You don't want to work with anyone who has a requirement like that. They are walking a fine line, telling you who you have to use.

I would just tell them that, if the insurance policy you purchased doesn't work FOR them, you'd rather not work WITH them.

You might be surprised at their response. They may send work anyway so stand your ground.

Bottom line is......... NO ONE tells you how to run your business!

Linda



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post #4 of 44 (permalink) Old 03-12-2012, 06:10 PM
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Insurance

I had that happen, I told them that I use who I want as long as the coverage is the same. When they refused I just declined working with them.
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post #5 of 44 (permalink) Old 03-12-2012, 06:40 PM
The_Game
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It is called being a control freak...just walk away from the problems before you work for him. Imagine when it is time to get paid and you didn't nail the nail with the right brand hammer. Believe me, I'm talking from experience.
post #6 of 44 (permalink) Old 03-12-2012, 06:42 PM
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I agree with all of the above. Once you bend over it's all down hill.
post #7 of 44 (permalink) Old 03-12-2012, 06:56 PM
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The biggest pitfall is getting E&O insurance that doesn't actually cover you for what you are doing. There are only a few E&O providers that specialize in property preservation. I think most of the big guys just want to make sure you've got the right stuff.
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post #8 of 44 (permalink) Old 03-12-2012, 10:05 PM
home615
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I am all for getting the proper E&O insurance and will take any suggestions on the companies to go to. I purchased the general liability because I knew I had to have it to even think about getting started. I was just dumbfounded when the place told me I had to use their general liability. Made me wonder if there was a kickback.
post #9 of 44 (permalink) Old 03-12-2012, 10:29 PM
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I've never run into anyone requiring a specific liability. But I have with e&o. Don't listen to these other guys that aren't even in the industry.
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post #10 of 44 (permalink) Old 03-12-2012, 11:00 PM
foothillsco
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I'm surprised at the responses here.

I disagree with all of them.

So the company wants you to use their carrier. Two of my nationals will only work with the same 3 companies that have industry specific policies.

So you paid for a years of insurance. You know you can cancel that and get a refund?

But the real point is, your in business and this **** happens. Your surprised that you might have a hurdle to go through? Then your not really serious by trying hard.

This can be a great business if you don't listen to all the whiners here and people who tell you what you ought to do from their keyboard.
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