Consumer Protection BC Policy – Policy on Home Inspector Insurance Requirements
• The E&O and CGL insurance must each have a minimum of $1 million occurrence/limit/aggregate coverage. • The named insured must be the individual licensee (home inspector), not the business name. • The minimum of $1 million limit/aggregate coverage must be assigned to, and reserved solely for, the individual licensee. • Water ingress must not be excluded. • The insurance must be issued by an authorized insurance company regulated by the Financial Institutions Commission of BC under the Financial Institutions Act or be regulated by the Office of the Superintendent of Financial Institutions. • The full amount of insurance coverage (subject to the home inspector’s deductible) must be underwritten by an authorized insurance company. • The rights to any and all benefits under the policy must be non-discretionary. • Claims must be adjudicated by the insurance company (or by an authorized agent of the insurance company) and be non-discretionary.
You need to submit Home Inspector Insurance Declaration:
Applicants must indicate to the Director that they have and maintain, as a requirement of licensing, the necessary insurance coverage to protect against errors, omissions, personal and property damage. This includes the following:
Buildings and land lots are vacant for many different reasons, whether it be a spec home or commercial properties not yet leased. Bridge International Insurance services has an industry leading vacant program for a wide variety of vacant properties.
BIIS will offer 3 or 6 month policy terms with the option to renew. Buildings under renovations or constructions are also considered.