Bonding

fredjclaus

Strange question. I received a call from an insurance agent in my networking group the other day. He wanted a price for me to go into one of his clients home and do a "Home Inventory" for him. He called me because the home has a lot of rooms and many valuable items need to be photographed for possible insurance claims.

One question my wife brought up was the idea of bonding. Does anyone know what this is, and if I would have to be bonded before I go into the home to do this work?

Photog4Christ

They want to make sure you're insured in case something happens at the residence. Examples would be breakage or theft. You don't have employees (other than yourself) so you don't have to worry about someone stealing something. Bonding reassures the home owner that you are insured and both you and the homeowner is protected. Since you will be doing the work for an insurance agent, you might want to ask them.

MileHighAko

To the best of my knowledge, being insured is NOT the same as being bonded. A bond is not an insurance policy - it is a guarantee and is specific to your written contracts, services, or specific business type. I've dealt with performance bonds before, which is a financial guarantee to complete a contract according to the performance terms. I've also dealt with indemnification bonds, which is a guarantee to reimburse for loss caused by failure to fulfill a contract.

Take a plumber for example. If I hire a plumber to fix my water main, and they knock over a lamp and break it, they make an insurance claim and reimburse me. That's not a bond. But if they say they fixed my water main, and it later breaks and floods my house, my insurance agent will make a claim against their bond because the work they performed didn't meet the agreement and resulted in damage to my house.

Talk to your insurance guy, but above is my understanding.

In your case, I suggest that the inventory of what you are to photograph be provided by the insurance agent. Have a written agreement stating such, so that you're not on the hook to identify all valuable objects and photograph them. Ideally you'd meet the insurance agent and walk together, limiting your risk.

deb22

Fred, I live in Canada so I am assuming it should be similar. Get Bonded, get Bonded, Get bonded!!!!!!!!! All the homeowner needs to say is something is missing[wheather they actually had it or not] and you will be in a big pickle. If you can be bonded on behalf of the company hiring you get it in writing.Most people are good but too many people even those with fantastic incomes will cheat the system and your protection is way more important than this one job.Bonding is a simple thing and if you expect future work from this company bonding and liability along with workers comp is mandatory for your protection.I would never let anyone onto my property or in the house that was not covered so make sure you check this out before going out. Take care

Photog4Christ

MileHigh: We are both correct, in a way. Bond is a guarantee, but the scenario I described also applies.

I am not a "bonding" expert, so since he is doing the work for an insurance agent, I suggest that he talks to them about bonding.

Sam

Fred,

You can buy a bond for a specific amount, and for a specific job, if and when needed.

You should also as a matter of course have a business insurance policy.

I have a million dollar liability policy included with my business package.

I would have to check to see if would cover theft on my part, but I know it covers any damage I would do. I think my business coverage would satisfy most clients.

If the house and contents are super valuable, insist on having a staff member with you at all times. This is good protection for you and if something needs to be moved the staff can do it.

Sam