Coverage is available for individual Home Inspectors or Home Inspection firms.
- Prior Acts Coverage available
- On-premises bodily injury/property damage liability
- Radon inspections
- Termite/wood destroying insect inspections
- Pool and spa inspection
- Mold inspections
- Water purification testing
- Lead pain inspections
- Real Estate agent referral protection
- Franchisee protection
- Coverage for high claim activity
- Liability limits are available from $100,000/$100,000 up to $2,000,000/$4,000,000
- Numerous deductible options
- Payment plans available
Professional Liability (errors and omissions insurance)
Terms: Claims made coverage. Prior acts coverage. Retroactive dates.
Professional liability coverage is designed to cover organizations or persons that render professional services for the liability exposure they face for a failure to use due care and the degree of skill expected of a person in that profession.
Coverage is written on a claims-made basis which covers acts or omissions of the insured which occurred during the policy period or after the retroactive date, for which claim is first made against the insured, and reported to the company during the policy period.
This is because professional liability insurance is not restricted to liability for injury caused by an occurrence – that is, caused by an accident. In most cases, the professional did exactly what they intended to do, but the outcome was faulty or deficient in some way, resulting in injury to a third party.
Extended Reporting Period, Prior Acts Coverage (Retro Date) Continuous Coverage
When you have a claims made policy this means, when the policy terminates, there is no further coverage unless the insured purchased an extended reporting endorsement. In the insurance world this is called “Tail coverage”, since an extended reporting endorsement allows a period of time, anywhere from one year to several years.
With continuous coverage, you would simply purchase a new policy which includes your Retro Active Date for acts or omissions that occurred prior to the effective date of the current policy.