It’s absolutely essential for any surveyors firm to obtain surveyor insurance which can be customized to fit the size and requirements of the firm. It’s common for a lot of firms to make the mistake of selecting a generic type of surveyor PL insurance coverage, and frequently they don’t see the error until they find themselves in a situation where coverage is needed and not there. It is a widely accepted fact that these kinds of policies typically neglect to cover the extent of legal and court fees you might incur, or you may be forced into paying for insurance that is far more than what is required for your individual firm. Either way, money is lost by your firm as a result of being unable to find errors and omissions insurance coverage for surveyors that works best for you specifically.
The advantage to surveyor errors & omissions insurance is that provides coverage for the surveyor in the event a lawsuit is filed against the firm for allegations related to allegations of negligence or mistakes made during the survey. Also, a surveyor professional liability will provide coverage for the surveyor’s legal defense, as even if the court finds the firm to be not liable, the costs incurred by a legal defense can run into the tens of thousands of dollars. Take this example. A plaintiff pursued a lawsuit against a land surveyor in 2000, taking it as far as the Idaho Supreme Court. The legal fees were quite significant, despite the fact that at the end of the day, the court found the land surveyor not at fault.
Professional Liability Insurance coverage Surveyors
It is also crucial to locate a firm that is reliable and will still be there when the time comes for you to seek the protection of your professional liability insurance for surveyors. This is owing to the fact that insurance coverage for surveyors works on a claims-made basis, and in case of your coverage lapsing you’ll discover that you’re unprotected. Since the statute of limitations can be several years, the policy enforced at the time of a job needs to be in force for the amount of time the statute of limitations permits lawsuits. Fenner and Esler is going to additionally go over strategies for risk management for your practice, a service which you’re not likely to find from larger surveyor insurance brokerages.
Fenner & Esler is an independent brokerage supplying quality services when it comes to:
Environmental Consultants Insurance
Surveyors E & O Insurance Coverage Brokerage
Discovering an independent brokerage with experienced agents is definitely in your best interest. If you want a customized policy for insurance coverage for surveyors, you need to find 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 company for surveyors that offers a wide range of highly rated insurance product. We’ve been providing quality errors & omissions insurance for surveyors in Idaho for more than three decades. If you would like to learn more about what we can do, call us at (201) 262-1200.