Insurance??? - REO Property Preservation Forum
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post #1 of 37 (permalink) Old 05-05-2012, 06:04 PM
sound p
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Insurance???

I am getting into p&p and was wondering what is the best insurance company out there? Some of the nationals want you to have E&O, some dont. Some even want you to buy from there insurance company list, that is bs. So i guess the question is what insurance company do you use, how are they, and with or without E&O. Do my subs need the same insurance as me?

Thanks
Tara
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post #2 of 37 (permalink) Old 05-05-2012, 10:24 PM
FremontREO
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That was a sound Intro there. I'll be happy to answer any insurance questions after your intro is completed.
post #3 of 37 (permalink) Old 05-06-2012, 09:29 AM
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Do subs need to have insurance??? Really seriously??? You are new. Do you own a house and if sued do you want to keep it?? First Insurance is like fall protection you don't want to have it or use it ! But if you need it you want the RIGHT kind in place. A KNOWLEDGEABLE contractor insurance agent will be able to answer ALL your questions. If you don't have GL contractor insurance be sitting down. Ever since 911 the insurance industry has been REALLY harsh on new contractors and even ones in business that have never had a claim. If you have good credit own a house and such you will not need to supply the lube. Bankruptcy and other red flags are going to kill you in premiums.
SUBS need to give you a certificate naming you as a additional insured. PERIOD and be insured at the same limits as you.

E&O this is a BS scam from the nationals but they require it. Keep in mind your best tool is a external hard drive to back everything up on, approvals for removing personal property, photos and such. In my state the property owner has 5 YES 5 years after being out of their property to file legal proceedings. LET the national approve the personal property to be removed. If they say yes remove because they don't see any personals they assume liability. We don't make enough to be hung out to dry by them. AND YES THEY WILL HANG YOU !! Their lawyers don't advise you they just will look out for their client. I hope you are starting to get the point. after being involved in 2 suits I let the nationals in TEXAS take ALL the liability on personals. You'd look at some things and think "really you consider that personals" I was told if it was EVER PURCHASED it is personal property !!
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post #4 of 37 (permalink) Old 05-06-2012, 09:58 AM
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Nice post Splinter!

ALL contractors in P&P are so naive! The liability windows are being squeezed shut on all the Service Companies and the dodo runs downhill.

Its not necessarily the "fault" of the P&P contractor but the lack of knowledge and this lack of knowledge WILL kill business.....It is imperative that the contractor KNOW insurance laws/policy...how many do? Very dang little and the banks/service companies prey on this.

Example:
Carpets are now generally considered personal property by most insurance companies. So, you removed carpet because it is wet, ripped, stinky etc etc, you just removed personal property.

Vinyl Siding on the side of the house has some holes in it from throwing a rock or weedeating while grasscutting...guess what? The mow crew gets an insurance claim to replace the entire side or the entire house worth of vinyl siding..... OR the prior ex homeowner has HO37 policy language and you get a chargeback for the siding...YOU better know how to fight this...

IF the P&P contractor does not realize there are teams of PROFESSIONALS being hired to go and find this damage so the bank/service companies can chargeback or file insurance claims on the contractor then you better go dig a hole and bury your business 6' deep.
post #5 of 37 (permalink) Old 05-06-2012, 10:07 AM
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If ignorence is BLISS I'm one unhappy repoman
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post #6 of 37 (permalink) Old 05-06-2012, 10:10 AM
FremontREO
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Quote:
Originally Posted by splinterpicker
If ignorence is BLISS I'm one unhappy repoman
post #7 of 37 (permalink) Old 05-06-2012, 11:13 AM
sound p
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Quote:
Originally Posted by splinterpicker
Do subs need to have insurance??? Really seriously??? You are new. Do you own a house and if sued do you want to keep it?? First Insurance is like fall protection you don't want to have it or use it ! But if you need it you want the RIGHT kind in place. A KNOWLEDGEABLE contractor insurance agent will be able to answer ALL your questions. If you don't have GL contractor insurance be sitting down. Ever since 911 the insurance industry has been REALLY harsh on new contractors and even ones in business that have never had a claim. If you have good credit own a house and such you will not need to supply the lube. Bankruptcy and other red flags are going to kill you in premiums.
SUBS need to give you a certificate naming you as a additional insured. PERIOD and be insured at the same limits as you.

E&O this is a BS scam from the nationals but they require it. Keep in mind your best tool is a external hard drive to back everything up on, approvals for removing personal property, photos and such. In my state the property owner has 5 YES 5 years after being out of their property to file legal proceedings. LET the national approve the personal property to be removed. If they say yes remove because they don't see any personals they assume liability. We don't make enough to be hung out to dry by them. AND YES THEY WILL HANG YOU !! Their lawyers don't advise you they just will look out for their client. I hope you are starting to get the point. after being involved in 2 suits I let the nationals in TEXAS take ALL the liability on personals. You'd look at some things and think "really you consider that personals" I was told if it was EVER PURCHASED it is personal property !!
lol,Thanks I know they need insurance just not sure if they needed e&o like I do, like my brother who has a landscaping company or my sister who has a maid service. Thanks for the advice. I have been here reading all about the nationals trying to screw the contractor. That's why I am asking about insurance comp. I have heard some insurance companies will actually have your back some will not. I plan on saving everything and everything talked about on the phone will be in a email for confirmation. As for my intro. What is the matter with it? Short and sweat. What are you looking for in it?

Thanks
Tara
post #8 of 37 (permalink) Old 05-06-2012, 11:51 AM
FremontREO
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Originally Posted by sound p
lol,Thanks I know they need insurance just not sure if they needed e&o like I do, like my brother who has a landscaping company or my sister who has a maid service. Thanks for the advice. I have been here reading all about the nationals trying to screw the contractor. That's why I am asking about insurance comp. I have heard some insurance companies will actually have your back some will not. I plan on saving everything and everything talked about on the phone will be in a email for confirmation. As for my intro. What is the matter with it? Short and sweat. What are you looking for in it?

Thanks
Tara
Yep its short and sweet...like its not there at all :whistling

On the main page is an introductions page where you tell us about yourself, where you are located and stuff like that.
post #9 of 37 (permalink) Old 05-06-2012, 12:29 PM
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Oh man, the stories we could tell. All of us. I have a claim from a homeowner open right now. It's a BS claim, filed becuase the HO is mad that we entered his house.

House is presale, no appreciable personals were visible from outside. We're there on a lock & GC. We enter the rear door, and immediately find things like, deer heads on the wall, clothes hanging in a closet, a few small furniture items, and boxed personals in the garage.

I tell the crew to replace the lock on the rear door and let's back off. I report the property as occupied. Two weeks go by, I get an email saying we damaged the rear door, broke a door off it's hinges, and damaged an attic ladder. My response...what no diamonds missing? No Van Gosh's? We, of course, did not cause any damage to this property, and the claim is possibly worth a few hundred dollars. I don't think the HO is going to press the issue. But, it is a mark on our record.

Point is, you need to know what you are allowed to do, when to back off, know what the pitfalls are, and have insurance and a lawyer (your own lawyer). If anything looks even a little funky, it's better to back off making $100 on the property, than having it costing you $1000's. But, once you enter the property, PHOTOS PHOTOS PHOTOS.

Oh, I have so many stories I could tell about the things that have happened to us over the past 5 years. But, knock on wood, to date - no claims have been paid (I've had two filed in 5 years with over 4000 properties visited) Because I stress to everyone - don't be afraid to back off and PHOTOS PHOTOS PHOTOS. And we always follow the work order instructions concerning removal of anything from a property.

And to your question about an insurance company...I'd say, do your own research. Look them up, use the BBB, once you get a short list, then ask about experiences from the forum on the individual companies.
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post #10 of 37 (permalink) Old 05-06-2012, 12:32 PM
George7380
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Wow talk about some rude people. The intro, I for one have not given one yet and sorry for that but it seems she wrote one, and that's more then i can say for all the people that just read the forum and don't sign up, and people like me who plan on writing one soon. She said she was getting into P&P, so do you think she is new??? Why answer a question she didn't ask. The information you gave her was great but for the comments, they are just rude. Just don't post if you have nothing to say. I thought the forum was here to help other contractors. And Fremont she did write where she is from , should she write her bra size and stuff like that. This isnt AA or NA. If you want to know someone personally you dont go to a intro, you have a conversation with them, its call intro, not discription of your live. Tara Email me and I will let you know what I have found out. Not everyone is rude here just ignore the ones that are. Give her a break. Where is you intro fremont. Sorry if this sounds rude.

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