It’s very important for any surveyors firm to obtain surveyors insurance which is able to be customized to meet the requirements and size of the firm. Many survey firms opt to get only a generic choice when it comes to E&O insurance coverage for surveyors, which may provide either coverage beyond the firm’s needs or coverage that’s insufficient, leaving the firm at risk to the financial costs associated with claims or litigation. The unfortunate truth is that in most cases, these types of policies do not cover the full extent of court and legal fees that are going to be needed, or you’re forced into paying for a policy that’s above and beyond what your firm will require. Either way, your firm loses money as a result of not being able to find surveyor errors and omissions insurance that works best for you specifically.
The advantage to E & O insurance for surveyors is that provides coverage for the surveyor in the event there is a lawsuit filed against the firm for allegations related to allegations of negligence or mistakes made during the survey. Also, a surveyor professional liability completely covers the surveyor’s legal defense, because 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. Take this example. A plaintiff pursued a lawsuit against a land surveyor in 2000, taking it as far as the Virginia Supreme Court. Despite the fact that the judicial system didn’t find the land surveyor at fault, the cost of this defense was great.
Errors and Omissions Coverage Surveyors
Since surveyor insurance usually works on a claims-made basis, surveyor firms need to be certain their surveyors professional liability insurance coverage does not lapse in order to make certain they are 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 needs to be in force for the amount of time the statute of limitations allows lawsuits. Additionally take into account that contrary to bigger surveyors insurance brokerages, Fenner and Esler will review risk management strategies for your practice.
Fenner & Esler is an independent brokerage providing quality services in regards to:
Environmental Consultants Insurance
E & O Insurance Coverage Company surveyors
When looking for the best surveyors PL insurance coverage that’s customized for the size and needs of your firm, you need to find an independent brokerage with agents possessing years of experience customizing surveyor liability insurance coverage in Virginia. Fenner and Esler Insurance is an independent surveyor PL company that offers a wide variety of top-rated insurance product. We’ve been offering the best liability insurance coverage for surveyors in Virginia for more than 30 years. To learn additional information regarding how we can meet your needs, contact Fenner and Esler at (201) 262-1200.