It is absolutely essential for any surveyors firm to obtain surveyor insurance which is able to be customized to meet the size and requirements of the firm. It is common for a lot of firms to make the mistake of opting for a generic type of errors and omissions 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. It is a widely accepted fact that these sorts of policies frequently neglect to cover the extent of legal and court fees you might require, or you may be stuck paying for insurance that is far above and beyond what your firm requires. Either way, your firm loses money as a result of not being able to find E&O insurance coverage for surveyors that suits your individual firm best.
The advantage to surveyor insurance is that covers the surveyor in the case a lawsuit is filed against the firm for allegations related to allegations of negligence or mistakes made during the survey. Additionally, a surveyor professional liability completely covers the surveyor’s legal defense, as even if the court finds the firm free from liability, the costs incurred by a legal defense can run into the tens of thousands of dollars. One example is a 2000 lawsuit that was pursued against a land surveyor that went all the way to the Virginia Supreme Court. The legal costs were very significant, despite the fact that when all was said and done, the court decided that the land surveyor was not to be liable.
Liability Insurance Surveyors
Since surveyor insurance usually works on a claims-made basis, surveyor firms need to make certain their E&O coverage for surveyors doesn’t lapse in order to be sure they are covered in case of a lawsuit. Since the statute of limitations can be several years, the policy you’re covered under at the time of the work provided needs to still be in effect at least as long as the statute of limitations permits a lawsuit to be made. Fenner and Esler is going to additionally review strategies for risk management for your practice, a service that you aren’t going to find from larger E & O brokers for surveyors.
We at Fenner & Esler take pride in being an independent insurance broker, providing services of the highest quality when it comes to types of insurance such as:
Environmental Consultant Insurance
Surveyors E & O Insurance Broker
When shopping for the best E&O insurance coverage for surveyors which is customized for the size and needs of your firm, it’s important for you to find an independent brokerage with agents that have years of experience crafting customized PL insurance coverage for surveyors in Virginia. If you’re looking for a quality insurance brokerage for surveyors that offers a wide range of top-rated insurance product, look no further than Fenner and Esler Insurance. We have over 30 years of experience in providing surveyors insurance coverage in Virginia. To learn additional information about how we can meet your needs, call Fenner and Esler at (201) 262-1200.