Errors and Omissions Coverage - HIABC Professional Insurance Plan (PIP)
HIABC Professional Insurance Plan (PIP) since 2004
Developed by Home Inspectors
The Home Inspectors Association owns and manages the Professional Insurance Plan to meet BC home inspector license requirements for Errors & Omissions coverage and to protect members from risks of possible claims.
Errors & Omissions coverage is only a part of what the Plan offers its members. Service is provided to members to reduce the cost of coverage and to provide support with complaints and potential claims. Other services complimentary to the Plan include:
- Legally drafted Standard Client Contracts
- Reduced member rate for Comprehensive General Insurance (CGL)
- Dedicated person to contact for Complaint and Potential Claim Support
- Competitive Rates
- Legal Team which Takes over All Management of the Claim and represents the Member
- Member Deductible * The member deductible applies to settlement costs only, not legal fees.
As the HIABC Professional Insurance Plan is owned by member Home Inspectors, the only interest of the Plan is to protect the members. The Plan will support the member with a defense that will provide the best possible outcome for the member. These best outcomes are setting the legal precedent which then supports the membership in future claims.
MEMBER INSURANCE PLAN QUESTIONS & ANSWERS
Why should I join the HIABC Professional Insurance Plan?
The Plan is not your typical E&O coverage. It is a self-funded, non-profit Errors and Omissions Plan formed by home inspectors for home inspectors. We currently have 356 Plan Members.
The Plan Mission Statement is:
To promote the home inspection profession; to support and defend Plan members who are the subject of legal action; and to pay the costs of such legal action within the limits of the Plan.
Who can participate in the Plan?
Any home inspector in good standing with an approved home inspection association in Canada.
Does the Plan cover both the individual inspector and company?
Yes, both you and your company are covered.
Is the Plan coverage per inspector or per company? For example is it the same cost for a multiinspector company as for an individual inspector?
The cost and coverage is per inspector, not per company.
Is there coverage for prior acts?
Yes, we can provide coverage for prior acts (retroactive coverage). We will need proof that there has been continuous E&O coverage prior to your application for coverage with the LBP.
Is there coverage for referring parties?
Will the cost of my coverage increase if I have a claim?
Are payment options available?
Yes, you may choose to pay the premium in full, semi-annually or monthly.
What happens if I have a claim?
You simply contact the Home Inspectors Association Executive Director and you will be provided with all the information needed to proceed.
What is my deductible if I have a claim?
Plan member portion is $2500. This sum is payable towards settlement costs only.
Why should I choose the HIABC Insurance Plan over traditional insurance companies?
The HIABC Professional Insurance Plan is based on a ‘home inspector’s perspective’. Our legal counsel and staff understand the key elements of the inspection process and its limitations. Remember, the Plan was developed by home inspectors for home inspectors only. Plan Members are all home inspectors.
What happens if I have the threat of legal action or a potential complaint?
The support system provided by the HIA Insurance Plan begins on day one, from the moment an inspector is faced with a complaint or the possibility of a claim. Contact the Home Inspectors Association Executive Director for assistance with any complaint. She will work with you and your client to help resolve the issue. There is no cost attached to this.
Is there a limit to the number of inspections I can perform?
No, there is no limit to the number of inspections you perform.
What other services are covered?
At no additional cost, the HIABC Plan covers Commercial and WETT inspections, Mould and Water sampling for 3rd party testing and Thermography for qualified home inspectors.
The annual Plan cost provides coverage to $1M with $2M aggregate. Please contact the HIA office for current premium cost.
How soon can my coverage be in place?
Once we have received your signed application and payment we can confirm coverage.
How do I apply for coverage?
Contact the Home Inspectors Association office today at toll free 1.800.610.5665 or 250.491.3979.