It’s very important for any surveyors firm to obtain surveyor insurance which can be customized to meet the requirements and size of the firm. Frequently, many firms to make the mistake of choosing a generic type of insurance coverage for surveyors, and frequently they don’t see the error until they find themselves in a situation where coverage is needed and not there. The sad reality is that in most circumstances, such policies do not cover the full extent of court and legal expenses that are going to be required, or you’re forced into paying for a policy that’s above and beyond the requirements of your firm. In either circumstance, the firm stands to lose a significant amount of money.
In the event of a lawsuit being filed for supposed mistakes or negligence against the firm, E & O insurance for surveyors will offer protection. The surveyor’s legal defense will be completely covered which is absolutely essential, since even if the court finds the firm to be not liable, the costs incurred by a legal defense frequently run into the tens of thousands of dollars. For example, a plaintiff pursued a lawsuit against a land surveyor in 2000, taking it as far as the Supreme Court of South Carolina. The costs of the legal defense were quite significant, despite the fact that at the end of the day, the court found the land surveyor not at fault.
Errors and Omissions Insurance Surveyors
Most surveyors insurance works on a claims-made basis, meaning surveyor firms need to make certain their surveyor E & O does not lapse in order to make sure they’re covered in the event of a lawsuit. The statute of limitations for liability can be several years, so the policy enforced at the time of a job needs to be in force for the amount of time the statute of limitations allows lawsuits. Also consider that contrary to larger surveyor errors and omissions insurance coverage brokerages, Fenner and Esler will review strategies for risk management for your practice.
We at Fenner & Esler take pride in being an independent insurance broker, providing services of the highest quality in regards to types of insurance like:
Environmental Consultants Insurance
Surveyors PL Broker
Discovering an independent brokerage with experienced agents is definitely the best thing you could do. If you want a customized policy for errors and omissions insurance for surveyors, you want a brokerage that has experience in your area and willing to set you up with the best possible option. Fenner and Esler Insurance is an independent E&O insurance coverage brokerage for surveyors that carries a wide variety of highly rated insurance product. We’ve got over 30 years of experience in providing errors and omissions insurance coverage for surveyors in South Carolina. To learn more regarding what we can do, contact us at (201) 262-1200.