Professional Liability - Frequently Asked Questions
  1. What does Professional Liability insurance cover?
  2. If I provide services as other than as a Home Innovation NGBS Green Verifier, can Professional Liability insurance be extended to cover those services?
  3. How long will it take for me to get a Professional Liability quotation?
  4. What limit of Professional Liability insurance do I need?
  5. When completing the Professional Liability application, what do I put for "revenues" when I've just now begun providing Home Innovation NGBS Green Verifier services?
  6. What kind of premium can I expect to pay for Professional Liability insurance?
  7. How is the Professional Liability premium billed?
  8. What is required in order to bind Professional Liability coverage?
  9. When can I get the Certificate of Insurance required by Home Innovation Research Labs?

Question:
What does Professional Liability insurance cover?

Answer:
The Professional Liability policy designed for NGBS Green Verifiers provides protection against claims made by your clients alleging financial loss due to negligence, errors, or omissions in the performance of your professional services under the Home Innovation NGBS Green Certification Program.

It is important to note that Professional Liability is not the same as General Liability. Please see the section of our site for other coverages Moody offers, including General Liability.

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Question:
If I provide services as other than as a Home Innovation NGBS Green Verifier, can Professional Liability insurance be extended to cover those services?

Answer:
In some cases, depending upon the nature of those services, coverage may be available. Please contact us to discuss your specific circumstances.

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Question:
How long will it take for me to get a Professional Liability quotation?

Answer:
Once we have your completed application, a quote can be turned around in as fast as 2-3 days.

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Question:
What limit of Professional Liability insurance do I need?

Answer:
Your policy limit should at least meet the requirements of your Home Innovation NGBS Green Verifier Agreement. Higher limits are also available at a very reasonable additional premium, and we encourage clients to consider increasing their limits in many cases. Please call our office to discuss your specific situation.

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Question:
When completing the Professional Liability application, what do I put for "revenues" when I've just now begun providing Home Innovation NGBS Green Verifier services?

Answer:
Under current revenues, please use your projected revenues for your first 12 months of providing these services.

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Question:
What kind of premium can I expect to pay for Professional Liability insurance?

Answer:
Premiums can vary based upon the specific characteristics of each client and the services they perform, but we're glad to give you a general idea:

For a $500,000 per claim limit with $2,500 retention: $1,300 estimated annual premium
For a $1,000,000 per claim limit with $2,500 retention: $1,700 estimated annual premium

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Question:
How is the Professional Liability premium billed?

Answer:
The Professional Liability insurance policy requires payment in full in order for coverage to be bound. You may pay by check to Moody Insurance, or you may make payment directly to the insurance company by credit card.

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Question:
What is required in order to bind Professional Liability coverage?

Answer:
We are ready to bind coverage on the same day that we have: (1) A properly completed, signed, and dated application, and (2) The full annual premium payment.

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Question:
When can I get the Certificate of Insurance required by Home Innovation Research Labs?

Answer:
On the same day that coverage is bound, a Certificate of Insurance will be issued to Home Innovation Research Labs. We already have the details on how Home Innovation requires the Certificate to be issued, so we are ready to go when you are.

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