Infrared Training Center

Tuesday, February 14, 2012

Errors & Omissions Liability Insurance

Error and Omissions Liability Insurance is a topic that has come up repeatedly in our message boards through the years. I have consolidated the most relevant information from all or our posts here for convenience. Hope this is useful.


We found a reasonable policy through this agent:
Elsa Escobar
Commercial Lines Underwriter
Costanza Insurance Agency, Inc.
e.escobar@cia-ca.com  
800.300.9775 x12
It took her some time but she says it would be much easier now that she's researched it once. Send her an email and add "Thermography insurance referral" on the subject line.
We ended up purchasing a General Liability Policy with 3M coverage, and added a Marine Policy to cover the camera. (The Marine Policy) is also used for contractor's Tools, and anything movable. Your best bet appears to be with and Independent Insurance company who has access to a wide variety of companies to draw from.
For comprehensive insurance coverage, I recommend: Nathan Jensen, Paragon Risk Management, (813) 949-8636 -- www.paragonrisk.com  -- he's very easy to work with.
He is independent and can get competitive quotes from numerous companies. He actually brought my rates down considerably for the second year.
You can say Infra-Detect recommended him.
Insurance: This may be valuable info for some. Hartford Insurance; 60k on camera a associated equipment(everywhere it goes & includes clutso moments, theft, etc.) + 5K on supporting equip, 2 Million Liability w/ 1 million per occurrence, and also some other misc. features. Cost = $1600 annual.

My Hartford Insurance Policy:
Business Personal Property Replacement: $6,000
Money & Securities Inside Premises $10,000
Money & Securities Outside Premises $10,000
Thermal Imaging Equipment $60,000
Business Income & Extra Expense: 12 months loss
Action of Civil Authority: 30 days
Extended Business Income: 30 consecutive days
Business Liability Max Coverage:
*Liability & Medical Expenses: $1,000,000
*Medical Expenses-any on person: $10,000
*Personal & Advertising Injury: $1,000,000
*Damages to premises rented you
Any one Premises $300,000
*Aggregate Limits $2,000,000
Employment Practices Liability:
Each Claim $5,000
Hired/Non-Owned Auto Liability $1,000,000
Employers Liability & Stop Gap:
Bodily Injury Accident Each accident $1,000,000
Bodily Injury Disease Each employee $1,000,000
Bodily Injury Disease policy limit $1,000,000
+ A long list of Stretch coverage items
Deductible: $500
Annual Premium: $1,510


I maintain both General and Professional liability policies.
Please contact Jason Green at the address below and tell him I referred you.
Good luck,
Bill Galbraith
A-G Inspections, Inc.
jason@ticokc.com
http://www.indiana-ins.com/omapps/ContentServer?pagename=IndianaInsurance/Views/IndianaInsurance
 
I have a $2mil GL policy with Indiana Insurance for $500/year.
http://www.theidifference.com/products/specialty_programs
Give Hazana Rivers a call. She is my insurance lady and they do a very good job I only pay $500 a year for my coverage.  440-260-1042

19 comments:

  1. I contacted Hazana Rivers for insurance last year on the advice of a posting on another blog. She had no idea what I was talking about and was completely in the dark about IR and Thermography.

    ReplyDelete
    Replies
    1. Does Hazana know about thermography now, or should I delete her from the list?

      Delete
    2. My last contact with her was 01/28/2011 when she relayed the following:

      "I spoke with an underwriting manager regarding this type of operation and CNA can be a market if the operation only involves energy audits for weather stripping needs or upgrades. If the insured will be providing services to advise on electrical hot spots we will need to pass on those operations."

      So she had to ask her boss about it, who at least nominally informed her of it. Then yes it is my opinion she knows about it now, but whether she is in a position to offer insurance for it is another matter entirely.

      Delete
  2. I contacted Hazana Rivers for insurance last year on the advice of a posting on another blog.

    ReplyDelete
  3. Your tools are your trade. Make sure that you look after them and you will look after your business and, by extension, yourself. Liability insurance is something that is never worth skipping over, pinch the pennies somewhere else, just make sure that you are well looked after in every eventuality.

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