Liability Insurance; Who Do You Use?

[Ray Miller]

I have no fear in saying we carry E & O as well as Generly Libility, Workers Comp.

Gen. Star, Travelers, State Workers Comp. Pool.

Thats why I carry it, to cma. I have also found not only mortgage brokers like to see it. But the lawyers I work for, look for it. I think it also shows that a business is more professional.


As far as the Gen. Libility, what would an appraiser do if they broke something in the house, the home owner claims something is missing after your visit, ran into a car in the driveway, kick the dog nipping at your heels, cut the cats head off (because it crawled up under the hood on a warm block, went to sleep, had it head in between the fan belt and pully, when you went back out to leave), run off with the home owners wife or 18 year old daughter. I want to be protected on all fronts.

I carry workers comp on myself as well as my employees. You say why on your self.

A few years ago I had a young lady (18) hit my truck head on doing 80 mph passing on a hill. It put me in the hosiptial two broken legs and arm 3 crack ribs, it put my employee (23 yrs old) in the hosipital. She had life time nerve damage in one leg. (When I seen the girls car my reaction was to swear to the right protect my employee as best I could, my side of the truck took the full impack). We max out her insurance policy with just the equiptment in the bed of the truck. ( 3 EquiScan Saddle fitting systems and related equiptment) Max out my auto insurance on just first day health care cost. Workers comp them kick in and paid both our wages for six months and medical expenses. Even fully insured and the person causing the accident we still suffered a $150,000 real cash lost. We could have sued the girl and put her in debt for years. But what would have really gained us. If we had gotten anything out of court it would have went and paid the Workers Comp claim first. (You know they have to be paid back for what they pay you if there is some kind of settlement.)

I have always been ready for lighting to strike. Just look at the poor souls last weekend. You just never know.

I look at it as a cost of doing business and build that cost into the price of my product/service.

P/S You can only cheat the odds for so long. I have been doing that all my life by choice and I have look death in the eye one too many times. I want to be fully protected. That includes my ticket through those Golden Gates.

I might add that God has been my co-piot many times, broncs, cars/trucks, airplanes, jump partner, fox hole etc.

 

[CANative]

The only reason I carry it is because I would lose more orders than the 2 orders it costs me each year.

If we didn't have E&O no one would want to sue us.

 

[tommcsherry]

I have look death in the eye one too many times. I want to be fully protected.

Ahhhhhh, doesn't have anything to do with being recently corralled now, does it Ray?

I use LIA. Never had to use them. Don't like admitting that I carry it, but some lenders/agents insist....so wtf...I'm with Greg on that one.

 

[Ray Miller]

Might being playing a part in it now.

Just ask the new boss if I could change jobs this morning.

There is three wrangler/packer jobs open with Park Service and Forest Service. Getting restless starting to feel like I need a trip to the back high country. told her I would only be gone a year or so. I would have the checks sent to the house here for her.

 

[tommcsherry]

told her I would only be gone a year or so

Bet that went over like a lead balloon, Ray!

Hey...looks like we can hijack a topic with the best of them....look out Otis&Daffy!

Happy New Year everyone.

 

[Jim Onderisin]

Your story brings home your point, Ray. I use LIA. They've been very reasonable with fees, and have been very helpful at times when I thought trouble was brewing.

 

[michael virden]

Hello all- I have been researching self-insurance practices and what is involved in starting one of these pools. From what I can gather they were started by state municipalities to offer solutions to the uninsurable (for health reasons) or are restrictive because of their high premiums. One of the main stips is that for any one pool of insurers to be organized they must be in the same field or profession. Instead of an insurance company calculating their risk, expenses and then adding their profit, insurance pools are owned by the group being insured. To make a long story short, this would mean (just to name a few) lower E & O premiums, the ability to control costs, at the end of the year any overages would be returned to the payer, etc. It is really fascinating to consider that instead of paying a for profit insurance company we could pay our own premiums into our own pool and regulate ourselves. This is of course an oversimplified explanation, but I can't see why appraisers can't come together and do this for ourselves.