Financial Relief Extends to E&O Insurance



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Financial Relief Extends to E&O Insurance

by David Brauner, Senior Broker at

E&O insurance is your financial hazmat suit. It’s your protection. New rules from OREP’s flagship E&O carrier make it easy for you to keep your protection in place, despite uncertain times. Similar help may be available from your carrier if you’re not with OREP.

I’ve been helping home inspectors with their E&O over 25 years- the last 18 years at OREP. I can talk about a lot of things but I’m only expert in one: E&O Insurance. I can tell you that your E&O policy is almost certainly Claims Made, and if you let it lapse to conserve money now, you’ll lose coverage for past inspections, which could cost you big in the future. Here’s one of many stories that explain it: Click here to read more about Claims Made policies.

The bottom line is that you may not need E&O now because you’re not working now, but if you let your policy lapse you are exposing yourself to risk because coverage for past inspections will be gone. Every Claims Made policy works the same way, no matter who you are insured with.

If your E&O renewal with OREP or with any other carrier is coming due (or you want to purchase a new policy) you can conserve cash by financing, first of all. You put about 25% down depending on the program.

The big news is that OREP’s flagship carrier, in response to the pandemic, will defer cancellations for nonpayment if necessary for 60 days (not all carriers, please ask your OREP agent for details). This means that if you need to miss a monthly payment after making the down payment, you will not be cancelled for 60 days. This is not payment forgiveness: payments will have to be caught up after 60 days.

Financial Uncertainty
A full 68% of inspectors responding to the OREP/Working RE Magazine Corona Virus Survey say business is down at least 50%, with nearly half reporting they have stopped inspecting altogether. If you are trying to limit expenses, you don’t need to expose yourself to unnecessary financial risk. Keep your insurance in place. Ask your insurance agent if they have a similar program or call OREP. You can get quoted online in minutes here.

You can take the Survey here and share your thoughts on the OREP/WRE Blog here.

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About the Author
David Brauner is the publisher of Working RE magazine and principal of OREP Insurance Services. David has helped inspectors, appraisers and other real estate professions with their E&O insurance and risk management needs for over 25 years.


> Stay up-to-date and connected, OREP/Working RE has established a Coronavirus (COVID-19) Discussion and Resource Page where you can share your thoughts, experiences, advice and challenges with fellow inspectors.

>> Take the Coronavirus: National Home Inspector’s Survey. Provide your industry feedback.


Free Risk Management Online Course Claims and Complaints: How to Stay Out of Trouble
Available Now
Presenter: David Brauner, Senior Insurance Broker OREP
David Brauner, Senior Broker at OREP, shares insights and advice gained over 25+ years of providing E&O insurance for inspectors, showing you how to protect yourself and your business. Watch Now!


Note: The Winter 2020 issue of Working RE Inspector is mailing now to over 25,000 home inspectors nationwide. OREP Insureds enjoy guaranteed delivery of each print magazine and many more benefits.

Home Inspector Issue 12 - Winter 2020


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