123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Insurance >> View Article

What Is Errors Omissions Insurance (e & O Insurance) And Home Inspection Insurance For Home Inspecto

Profile Picture
By Author: Sue McCrossin
Total Articles: 739
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share


Professional home inspectors can be vulnerable to insurance claims even if they carefully follow all the right steps. If an error or omission occurs, home inspectors can be liable for thousands of dollars in claims. Every year, millions of dollars in E&O insurance claims are filed. E & O Insurance protects home inspectors and saves their businesses from going bankrupt over insurance claims. Errors and omissions insurance for home inspectors offers a competitive, cost effective way to protect a home inspection business. In addition, errors and omission insurance designed especially for the home inspector is usually tailored especially for the state the inspector is working in.

Home inspectors offer an objective visual investigation of the physical construction and systems of a house, from the rooftop to the foundation footers. The American Society of Home Inspectors (ASHI) outlines what is usually include a home inspection report, including the condition of:

Heating system
Air conditioning system
Plumbing
Electrical system
Roof
Insulation
...
... Attic, walls, ceilings, windows, doors, and floors
Basement and foundation
Optional Septic and Radon


Homeowners use inspections to identify problems, and to act on suggestions about preventative measures, in order to avert costly repairs. Inspections that fail to highlight a problem can cost homeowners thousands of dollars. This is one of the main reasons home inspectors need errors and omissions’ insurance.

All Errors Omissions Insurance policy for a home inspector is unique, and has different coverage and exclusions. The basic idea behind Errors Omissions Insurance is to help the home inspector pay for costs associated with professional liability claims. Even if the matter gets dismissed, the home inspector will still have to pay his attorney defense costs, and these costs can be significant. E & O insurance helps pay for these types of costs.

A liability claim against a home inspector must show negligence by the inspector in either performing or failing to perform what was in their contract for the home inspection. Most E & O policies have an explicit limit of liability and usually include both legal expenses and damage verdicts. No errors omissions policy covers deliberate, false or illegal activities.

Since all Errors Omissions Insurance policies are unique, you should read them very carefully to identify which types of claims are covered. In addition, as home inspection businesses grow, their insurance needs change, so they should contact their insurance provider whenever this happens.

Sue McCrossin is a freelance writer working with Elite InspectInsure to inform home inspectors about the necessity of carrying errors and omission insurance or Home Inspector’s Insurance. The staff at Elite InspectInsure are specialists in error and omissions insurance for the home inspector marketplace.

Total Views: 309Word Count: 441See All articles From Author

Add Comment

Insurance Articles

1. Mastering The Brass Player's Secret Weapon - The Embouchure
Author: victor12johnson

2. Term Life Insurance
Author: Bimastreet

3. A Day In The Life Of An Insured Fiddle From Its Own Mouth
Author: micheljordan4

4. The Story Of The Oboe Instruments Evolution
Author: musicinstrumentsins

5. The Ethical Considerations Of Selling Musical Instruments
Author: victor12johnson

6. What Women Need To Know About Life Insurance
Author: Joffry Daniel

7. Technology's Impact On The American Music Industry
Author: micheljordan4

8. The Art Of Flute Making And The Science Behind It
Author: musicinstrumentsins

9. The Enchanting World Of Woodwind Instruments
Author: victor12johnson

10. Sustainability And Insurance: How Car Insurance Brokers In Uae Are Leading The Way
Author: Stephan Rose

11. The Composition Of Cello Music
Author: micheljordan4

12. Understanding The Different Types Of Clarinets
Author: musicinstrumentsins

13. Essential Insurance Plans For Music Store Owners
Author: victor12johnson

14. The Evolution And Cultural Significance Of Heritage Musical Instruments
Author: micheljordan4

15. The Ultimate Car Insurance Calculator For New Car Owners: What You Need To Know
Author: Stephan Rose

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: