Elite InspectInsure, LLC in Exton, PA | Insurance | Pennsylvania Catalog

Elite InspectInsure, LLC

Elite InspectInsure is 100% Dedicated to Servicing the Professional Home Inspector!
We provide E & O Insurance (Errors and Omissions Insurance) and Home Inspection Insurance
What is Errors and Omissions Insurance?
Errors and omissions (E&O) is the insurance that responds to claims made by a client for services that you provided, or neglected to provide, that resulted in a monetary loss to the client. In the medical arena, it is often called malpractice insurance. For lawyers, accountants, architects or engineers, it is sometimes called professional liability insurance. By any name, it covers you, your company and your employees for errors (or omissions) that you or they are alleged to have made in the course of conducting your home inspection business.
Do I need Errors and Omissions Insurance?
If you have a professional liability exposure, that is, if you are performing a professional service for a fee, you should very seriously consider carrying errors and omissions insurance. While the vast majority of professional liability claims are unmeritorious and professionals prevail in over 90 percent of the cases that reach a verdict, the cost of vindicating their professionalism is enormous.
This question is increasingly becoming academic as many jurisdictions now require home inspectors to carry Errors and Omissions Insurance as a condition of holding a home inspector's license. The following states require a home inspector to have Errors and Omissions Insurance as a condition of holding a license: Arizona, Massachusetts, Mississippi, Nevada, New Jersey, North Dakota, Pennsylvania, Tennessee, Texas, and Washington.
In addition, many franchisors, such as Home Team, HouseMaster, National Property Inspections, USInspect, and Pillar To Post require their franchisees to carry such coverage.
Moreover, most sophisticated Real Estate Brokers, Relocation companies and real estate attorneys will not refer a client to a home inspector who does not carry Errors and Omissions Insurance with a Referring Party Endorsement.