A Property Inspector may fall under two broad categories; Home Inspector (residential) or Building Inspector (commercial). A residential home inspection, performed by a trained and certified inspector, is not a detailed in-depth examination of a home, but a brief overview focusing on the major flaws and damages. This inspection is often required by the title company and/or mortgage company when buying or selling a home. The Home Inspector will evaluate the home and property, and then write out a full report of his findings. Their client, usually the buyer, will then have additional information to better assist them in valuating the home and property, and maybe more importantly, the cost of the needed repairs, when they are determining the price they are will to pay for the home. An inspection is also required by the insurance company after a natural disaster such as; a flood, hail, wind, tornado, hurricane, mudslide, or fire. An inspection only gives the current condition of the home and it’s components, not their future longevity and efficiency.
Many people may confuse an inspection with an appraisal. An inspection evaluates the present condition of a home, whereas an appraisal establishes the value of the property and home. The inspector is not determining if the home, or if any of it’s components, are in compliance with local building codes, and regulations, nor does he give any warranties of the premises. The buyer would have to hire a separate inspector to conduct a Property Condition Assessment in order to get a more detailed property and building diagnosis. This report would outline in detail the property’s problems, and then offer several solutions and costs related to these repairs.
A Building Inspector is normally employed by a city to determine whether a building is in compliance with the city’s building code requirements. They may inspect residential or commercial structures for plumbing, mechanical, HVAC, or electrical issues, during or after the construction phases. Many times the building inspector, or engineer, will examine a property for structural conditions and hazards such as; balconies, stairs, foundations, retaining walls, facades, and other damages or hazards. Building Inspectors may also inspect structures for damage caused by weather, stress, age or extended use.
An Errors and Omissions Insurance Policy can protect the Property or Building Inspector if they were to make a mistake on their report. Many conditions lie within the walls, ceilings, and foundations of a structure that cannot be seen or detected upon an initial review. Your employer or city municipality may require you to purchase an E&O Insurance Policy. Because there is such a high risk for error, you may find that the rates for these policies are higher than you had expected or budget for. An Errors and Omissions Policy with ACE Financial Group Ltd. will leave you pleased and with a little funds still left in your pocket. We even guarantee that our rates will beat any competitors by at least 10%. Now that a relationship you can build on!
Errors and Omissions Insurance Policies are also riddled with many limitations, exclusions, riders, rate-ups and limits, written in a legalize boilerplate format in order to shield the insurance company from ever paying out in a claim. As the business owner, you need to be very savvy against their manipulation by considering an alternative to their insurance policy games.
Therefore, ACE Financial does not offer an insurance product, but a very effective alternative to insurance by using a risk-sharing group of like-minded industry professionals. We protect our own family by grouping together these low-risk professionals in a policy that is designed and customized to protect them in an honest, practical, cost saving manner. This allows ACE Financial to offer one of the lowest rates in the industry. This risk-sharing method has legally and effectively been used for hundreds of years successfully with farmers, churches, many other professions and governmental agencies.
At ACE Financial, we offer errors and omissions coverage tailored to your specific needs and budget. We understand the unique risks and challenges that you face as a professional in your occupation. We can help you find the best policy that suits your personal and professional needs. We can also provide you with a certificate of liability coverage that you can use to prove your coverage to your clients or partners.
Don't let an unexpected claim or lawsuit ruin your business. Contact us today to get a free quote and learn more about our errors and omissions coverage options. We are here to help you protect your business with confidence and peace of mind.
For personalized advice, to explore the best coverage options for your business, and to get a low rate quote, reach out to our expert customer service advisors today.
For specific insurance details, terms, and conditions, please consult with a licensed insurance professional. The information provided here is for informational purposes only and does not constitute legal or financial advice.