Errors and Omissions Coverage - HIABC Professional Insurance Plan (PIP)
Errors and omissions coverage is only a part of what the HIABC Insurance Plan offers its members.
Errors and Omissions Coverage – HIABC Professional Insurance Plan (PIP)
HIABC Professional Insurance Plan (PIP) since 2004
Developed by Home Inspectors for 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 assist members with complaints and possible claims.
Errors & Omissions coverage is only a part of what the Plan offers its members. Full-time service is provided to members to by a full-time Plan Administrator and committee of seasoned inspectors 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 Plan Administrator to contact for Complaint and Potential Claim Handling and Support
- The Plan Administrator will work with both the inspector and their client to resolve an issue if at all possible
- Competitive Rates
- Member Deductible * The member deductible applies to settlement costs only, not legal fees.
The HIABC Professional Insurance Plan is a member benefit plan for its member inspectors only; the only interest of the Plan is to protect the members and assist consumers in determining responsibility and resolving complaints.
MEMBER INSURANCE PLAN QUESTIONS & ANSWERS
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 226 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.
Any home inspector in good standing with the Home Inspectors Association BC approved by the Plan.
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.
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.
Premiums are never increased due to a claim. All members pay the same, however, if an inspector is found with complaints and claims and is not meeting the mandated guidelines or working to improve their report writing skills, the member may be given termination notice two months prior to renewal.
Yes, you may choose to pay the premium in full, semi-annually or monthly. Monthly payments are a member benefit and two returned NSF payments will affect the members ability to remain on the monthly payment schedule and the member will be invoiced for the full balance owing for the year.
You simply contact the Home Inspectors Association Executive Director and you will be provided with all the information needed to proceed.
Plan member portion is $2500. This sum is payable towards settlement costs only.
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.
The support system provided by the HIABC 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 Plan Administrator, Helene Barton, 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.
No, there is no limit to the number of inspections you perform.
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, with current certification on file.
The annual Plan cost provides coverage to $1M with $2M aggregate. Please contact the HIABC office for current premium cost.
Once we have received your signed application and payment we can confirm coverage.