What You Want To Know About The Insurance Coverage You Need To Do Your Job
If you’re working with a vendor that assigns property preservation or mortgage field services jobs to you, no doubt they’ve said you must have general liability and errors & omissions insurance coverage before you can start the work. Here are some of the frequently asked questions about how to get that insurance and what to expect during the process.
How Do I Get a Quote?
The first step is to complete our Property Preservation Quote Form. Fill in as much information as you can as thoroughly as you can. If our agents don’t have enough information to provide a quote, they’ll have to contact you for the rest, slowing down the process. Take your time and complete the form to the best of your ability.
What Limits Should I Choose?
You should definitely refer to your vendor contract before making this choice because we can’t do that for you. The large property preservation companies require different limits, and selecting the wrong one will mean you won’t have the right coverage to work with them. Find out before you start the quote process.
How Much Money Do I Put Down? Are There Payment Plans?
A 20% down payment and the application fee are required right away. You’ll find the total amount on your quote under “total amount immediately due to bind coverage.” Payment plans are available per the acceptance form. Your approximate monthly installment amount is shown on your quote under “approximate monthly amount for future 9 EFT withdrawal payments.” There is no discount for making your payment in full, but you can do that. Quarterly installments require a 25% down payment.
How Do I Bind Coverage?
Your agent will send you a document called a Binding Checklist. You will need to return all the paperwork listed in that checklist by fax or email before they can bind your coverage — in other words, before you will have insurance and can get to work. The carrier won’t accept partial paperwork, so until you provide everything, our agents are unable to proceed. Once you send in all the items on the checklist, your agent will order your coverage and email a confirmation to you.
When Will I Get My Certificates?
Once your agent has all the items from the Binding Checklist, they can email your certificates to you within 48 business hours. If they have your client’s or vendor’s email on file, they can email your certificate directly to them and copy you. If they don’t have that information, you will be responsible for sending the certificates to the people who need them.
What Does The Policy Cover?
Brunswick Companies has created a policy that combines General Liability with the Errors & Omissions coverage you need to do your job. It’s designed specifically to only cover your work on realtor/bank-owned foreclosed homes, so if you do more than property preservation work on those kinds of homes, you’ll need separate policies to cover that work. Our agents can help you understand the requirements and other policy options. You can include this information on your quote request.
Is Worker’s Compensation Available?
Yes, but only after you’ve bound coverage for your general liability and errors & omissions insurance. Let your agent know you’re interested, and they’ll help you get worker’s compensation coverage too.
Is Automobile Coverage Available?
Again, yes, but only after you’ve bound coverage for your general liability and errors & omissions insurance. Make sure your cars or trucks are titled and registered to your company before proceeding, though. And then let your agent know you’re interested, and they’ll help you get business auto coverage too.
As always, if you have questions about your coverage, the application process, or anything else related to Property Preservation work, feel free to call 800-686-8080 and ask for Lisa.