It is absolutely essential for any surveyors firm to find surveyors insurance that is able to be customized to suit the requirements and size of the firm. It’s common for a lot of firms to make the mistake of selecting a generic type of insurance coverage for surveyors, and usually they don’t see their mistake until they find themselves in a situation where coverage is needed and not there. It is known that such policies typically fail to cover the extent of court and legal fees you might require, or you could be stuck paying for a policy that is far above and beyond what your firm requires. In either circumstance, the firm stands to lose a significant amount of money.
In the event of a lawsuit being filed against the firm for alleged negligence or mistakes, surveyors errors & omissions insurance will offer protection. The surveyor’s legal defense will be completely covered which is absolutely essential, because even if the court finds the firm to be not liable, the costs incurred by a legal defense usually run into the tens of thousands of dollars. Take this example. A plaintiff pursued a lawsuit against a land surveyor in 2000, all the way to the Michigan Supreme Court. The costs of the legal defense were quite substantial, despite the fact that when all was said and done, the court decided that the land surveyor was not to be liable.
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Most surveyors insurance works on a claims-made basis, which means surveyor firms have to be certain their insurance for surveyors doesn’t lapse in order to be certain they’re protected in the event of a lawsuit. Since the statute of limitations can be several years, the policy enforced at the time of a job should be in force for the amount of time the statute of limitations allows lawsuits. Fenner and Esler will additionally go over risk management strategies for your practice, a service which you aren’t likely to find from larger surveyors errors and omissions insurance coverage brokerages.
Fenner & Esler is an independent brokerage providing quality services when it comes to:
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Discovering an independent brokerage with experienced agents is definitely the best thing you could do. If you’re shopping for a customized policy for surveyor errors & omissions insurance, you need to find a brokerage that has experience in your field and willing to find you the best possible option. If you’re looking for a quality insurance coverage company for surveyors that offers a wide variety of top-rated insurance product, look no further than Fenner and Esler Insurance. We have more than three decades of experience in providing surveyors E&O coverage in Michigan. If you would like to find out additional information about what we can do, call us at (201) 262-1200.