E & O Coverage of America

[SoCalBroker]

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.

This sounds like a RRG - Risk Retention Group.

Additionally, the BS about "if you transfer the risk .." Thats not ALWAYS true. There are policies on the market that are duty to defend or indemnify - you choose. Additionally they let you choose council, and there are certain carriers that will let you bear the risk of defending until you lose or win. AS I recall, you just self insure the difference between their settlement offer and the judgement.

All these cheapo plans being bandied about ... wonder if any of you guys buying this cheap price understand 3/4's of the exclusions and Terms and Conditions you bought?

First you start w/ the exclusions ...

Then the conditions ...
- Duty to Defend or Pay On Behalf?
- What are the ERP tail options/costs?
- What are their settlement provisions - should you have a claim?
- Whats the retro date?

Then you consider the costs ... most people buy insurance ass backwards ... even agents!!!

 

[Newby]

Excellent McCarty! Nice and Spammy!

Stay away from E & O that is marketed through SPAM!

 

[PotentialFarmer]

NAPA Direct has a new preferred E&O plan for $475 a year. Plus they take monthly payments.

Hey, andrew at rockwood insures me. Its legitimate insurance and was the best price out there I could find (No broker fee either). Don't mean to promote someone but he's the best I found and I'm a newly licensed agent to boot.

 

[plroesel]

I had them for last year, even though I was concerned with the risk sharing group.... It was cheap, and I got appointed with no problem for everyone that I attempted, but I won't be placing my coverage with them again in 2010... gonna pony up and get real insurance

 

[ehannigan]

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?

Yes, I work with agents who have purchased E&O from E&O Coverage of America. There was no problem getting them appointed with life insurance companies.

 

[treeves]

Ok, I currently have E&O through CNA for life and health (as recommended by IHIAA).

Now, I just received my P&C license and want to get appointed by P&C companies, but they require E&O for P&C.

How do I go about getting that extra E&O at a reasonable price? Will CNA endorse the extra E&O, or should I get another company? If another company, who do you recommend for P&C E&O?

Thanks!

 

[JCK818]

I actually have the same question. Isn't there an E&O policy that covers both? There has to be right?

 

[Josh]

Bad news boys and girls, three words, cease and desist:

http://www.dora.state.co.us/INSURANCE/enforcement/2009/O09182.pdf

For those of you that won't click on the link, our friends over at e and o coverage of america appear to no longer be conducting business as usual.

 

[ddavison]

E&O on the pc side is crazy expensive in California... If your like me and lucky not to have any claims in many years of business. The only way I could see saving some money on e&o is to create a company name dba like FSI insurance... everyone goes under that name as an employee as a dba. would it work??

 

[OCinsurance]

I sell e and o in over 30 states and I cannot recall seeing a p and c premium under $1500 any time recently. In some states, I see closer to $2000 at a minimum. There are policies available that cover life and health as well.