You will need a general liability policy as well as an Errors and Omissions Insurance (E&O) policy. The general liability policy can be purchased from pretty much any insurance company. The Errors and Omissions Insurance Policy you will need to conduct Mortgage Field Services, on the other hand, is only offered by a handful of companies.
Additionally, many National Property Preservation Companies are now requiring their vendors to purchase their E&O policy from a company on their "approved provider list". Regardless of anyone's opinion on whether or not this is fair, it is in your best interest to check with your potential client(s) before purchasing your Errors and Omissions policy.
There are 4 main companies that specialize in providing Errors and Omissions Insurance to Property Preservation Vendors. You can find their contact info below.
Brunswick Companies
2857 Riviera Drive, Fairlawn, Ohio 44333
Phone: 800.686.8080
Fax: 330.864.8661
http://www.brunswickcompanies.com/FreeQuote/MFS/
Leonard Insurance Services
4244 Mt. Pleasant Street NW, North Canton, OH 44720
Phone: 330-266-1914
Fax: 330-498-9952
http://www.leonardinsurance.com/page/property-preservation-insurance
York-Jersey Underwriters
P.O. Box 810, Red Bank, NJ 07701
Phone: (800) 392-6958
Fax: (732) 530-7080
https://www.york-jersey.com/mortgages.html
David Brauner Insurance Services / OREP
6760 University Ave, Suite 250, San Diego, CA 92115
Phone: (888) 347-5273
Fax: (619) 704-0567
Email: info@orep.org
http://orep.org/mortgagefieldservices/
ATTENTION NEW REO VENDORS
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ATTENTION VISITORS:
Thank you for taking the time to read my stuff. I want you to know that I gladly accept and appreciate any and all comments that you may have and that add value to the article. Also, if you have any questions you would like help answering that are related to this blog post or property preservation in general, I would be more than happy to answer those, as well. In fact I created this blog for people like you. So thank you again and please know that I appreciate you!
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There is also a requirement for vehicle insrance coverage
ReplyDeletei seem to be having a problem trying to find an inusrance company to get coverage for the vehicle....
Any suggesetions on companies who would cover vehicle for property preservation?
To satisfy this requirement, you just have to upgrade your existing auto insurance to a 'commercial' auto insurance policy(through your existing ins co is easiest). This is what you should have on any vehicle you use mostly for business purposes, regardless if you work in property preservation or any other residential construction related industry.
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