E & O Coverage of America
- Thread starter agtesfay
- Start date
- 11,995
It sounds like you have reasonably priced e&o. If you find a better deal, it wont be by much.
As I understood from their literature E&O of America is a sharing plan.They say clearly they are not insurance co. and their coverage does not substitute insurance coverage. So I am just wondering whether carriers accept their E&O for appointments.Any thoughts?
I agree! You are not going to do much better!
- 7,790
- 163
I market E&O insurance for P&C only agents in Florida and Texas. Never heard of this outfit and can tell you I see about 300 apps a year with current coverages. Also, have seen few annual premiums under $1,600. Florida P&C carriers will require $1,000,000 per occurrence and $1,000,000 aggregate from a legitimate professional liability company and will not contract you unless you have it.
Doug
cosanostra
New Member
Here is the answer on the FAQ page. Can some decipher this for me as well????
E and O Coverage of America is a Nonprofit Corporation, not an insurance company, and therefore cannot offer any insurance products. They are a non-regulated risk-sharing plan. They are not regulated by the Insurance Commissioner's Office, thus the office has no ability to force such companies or plans to take any action should a consumer have a problem. Their programs are not intended to replace insurance. Insurance requires a contractual transfer of risk in exchange for payment. When transfering the risk, insurance products also transfer the control of your legal and claims processes. This allows the insurance company to make decisions on your behalf with or without your consent. Our coverage is unique in that you retain the risk and, therefore, the complete control of your legal process. With our coverage, you and your attorney are allowed to decide what is best for you and your case. Our membership agreement may simply assist you in the reimbursement of the expense for your legal claims through the money available in the community pool that our Nonprofit Corporation has set up for our members. Based on the reserves in this pool, there is no guarantee that a need will be paid. This allows us to offer you a plan at a substantial savings. Many insurance agents prefer our convenience and rates, compared to what they can obtain in the traditional insurance market
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How could you even consider doing biz without a quality E&O plan in place?
Transfer that risk to a legit carrier and move on. 24 yrs in the biz. 3 claims - exonerated ultimately in all three.
1. Jewelry Loss - fraud
2. D&O Coverage Claim denied for client misrepresentation and failure to renew / pay premium
3. Stabbing Death - $3m potential liability claim. $25k to prove to a judge - we really did do it right - attorneys fees.
If youve never been through one - you may htink you're superman and it will never happen. No matter how good you are, and well you do business - that doesnt preclude a scammer from trying to scam the system and you.
Buy a real plan and be happy!
Transfer that risk to a legit carrier and move on. 24 yrs in the biz. 3 claims - exonerated ultimately in all three.
1. Jewelry Loss - fraud
2. D&O Coverage Claim denied for client misrepresentation and failure to renew / pay premium
3. Stabbing Death - $3m potential liability claim. $25k to prove to a judge - we really did do it right - attorneys fees.
If youve never been through one - you may htink you're superman and it will never happen. No matter how good you are, and well you do business - that doesnt preclude a scammer from trying to scam the system and you.
Buy a real plan and be happy!
What company did you buy from? I am looking for E & O too. Thanks.
- 14,809
My association offers CNA administered by AON Affinity for $440 but you need to take the membership dues into account.
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