Learning About Home Inspection Insurance Such As Pay Per Insurance Can Prove To Be Advantageous
When considering home inspection insurance you may need to make a choice between general liability and professional liability and it is also important to realize that there may be separate limits with regard to each type of home inspection insurance, and this is because if there were just one limit for both kinds of home inspection insurance, you would be exposed to using up the policy aggregate.
General Liability
As far as general liability in home inspection insurance goes, you get coverage at the time that the office is being inspected and there are two exposures to look out for during the inspection which are property damage and bodily injury. With regard to property damage you can be liable to being injured should an unforeseen event take place such as a ladder falling and causing a break in the windshield of your car?
On the other hand, bodily injuries are those in which you get hurt because of a similar mishap and it is to get protection from the above two types of incidences that you will need to purchase general liability home inspection insurance.
There is also professional liability included in home inspection insurance and this kind of coverage protects you against actual and even alleged errors as well as omissions contained in any Inspection Report. Here again, there are two types of exposures which are property damage and bodily injury.
With regard to property damage, it covers for incidences such as missing out on a leaking roof while in the case of body injury, it coves for certain instances such as a basement stair raiser being a bit different to the rest and the same is not reported which in turn may result in the homeowner or a member of their family suffering an injury as a consequence. In fact, this is one type of exposure that is the most likely cause of claims being made by the policy holder.
There is even a different kind of home inspection insurance which is known as the Pay Per Inspection and this kind of insurance helps new home inspectors to get Error and Omissions and General Liability Insurance at a more affordable rate for the first year of business and which also allows inspectors to change over to standard policy in the next year thereby avoiding having to pay a penalty for being a new inspector.
Thus, you may be better off choosing Pay Per Inspection home inspection insurance though you do need to qualify to enter into the program. In any case, such home inspection insurance will cover you for home inspections, commercial inspections, carbon monoxide claims and incidental radon, termite and lead based paint claims and is thus well worth having.
