electrobuzz
Member
- Location
- Portland, OR
I just recently passed my electrical engineering PE examination and want to start stamping my own designs. Where can I get a reasonably priced insurance for errors and omission?
Yea, what he said! :happyyes:Welcome to the forum and congratulations!
I just recently passed my electrical engineering PE examination and want to start stamping my own designs. Where can I get a reasonably priced insurance for errors and omission?
A highly respected EE in our area ran a small (3-4 employee) electrical engineering business specializing in commercial buildings and light industry. He told me that he did not carry E&O insurance. His house was in his wife's name and he did not have a lot of other assets. While he was very careful in his work, there were times when lawsuits threatened. He would send his financial statement to the lawyers. Without the "deep pockets" of an insurance policy, the lawyers saw it wasn't worth their time to pursue him for what little money they could get.
But he could have lost the business with a simple error. Maybe he was lucky, but he retired after 35 years and sold the company to his employees.
E & O insurance is only good as long as you pay the premium. Do the work this year and if something goe south in 10 or 15 years the insurance won't help you if you are not currently covered.
Check with your lawyer.
Some general contractors and bigger A&E firms can cover you under their insurance- but make sure you get it in writing.