limitation of liability

Transferring Assets to Your Spouse Does NOT Protect You From Creditors

Transferring Assets to Your Spouse Does NOT Protect You From Creditors

Transferring Assets to Spouse - No Protection From CreditorsHome inspectors often observe that putting everything in their spouse’s name would make them financially insolvent and protect them against greedy, reckless clients searching for financial blood.

In these instances, inspectors consider themselves judgment-proof and find no need to carry professional liability insurance.

However, not everything is as rosy as it looks on the surface. There are potential side effects to this scheme. I go into some of those side effects in this installment of my ClaimsAcademy video training series.
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Limitation of Liability is NOT a Home Inspector’s Best Friend

Myth 2: Limitation of Liability Not Home Inspector's Best FriendHome inspectors love Limitation of Liability clauses because, in most U.S. jurisdictions, they put a cap on a home inspector’s potential liability for negligence. However, these same clauses also stifle a home inspector’s earning potential.

How?

I describe in the video below how Limitation of Liability clauses are completely unnecessary and don’t prevent clients and co-defendants from suing home inspectors.

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Tremendous Marketing Opportunity For The Confident Home Inspector

A friend forwarded to me an article, entitled Why home inspections have become more important, that ran May 10, 2012 in the Washington Post’s Real Estate section. The author is a Washington area attorney specializing in real estate law who wrote the article for the benefit of potential home buyers.

You can read the article for yourself but what struck me square in the eyes was its closing sentence: “Virtually all inspection reports limit the inspector’s liability to the return of his inspection fee.”

If I were an enterprising home inspector practicing my profession in the D. C. Metro Area, I would be contacting this attorney and advising him that, “Unlike ‘virtually all inspectors’, I do not limit my liability. I stand behind my findings and report. So Mr. Jacobs, if that’s what your clients are looking for in a home inspector, here’s my contact information.”
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