Best Errors And Omissions Provider ?

ghounem · 01-04-2008, 04:57 AM

Hi Everyone,

Who is the best errors and omissions provider for an agent with less than 3 years experience?

Everyone I've tried (calsurance, napa, etc...) all require 3 or more years experience.

Thank you very much

Ghounem

Chkndinner14 · 01-04-2008, 11:40 AM

What state are you in?

rdavis85 · 01-04-2008, 12:14 PM

If your with BC/BS check out theirs. Rate looks great here in MI.

JRoot · 01-04-2008, 01:29 PM

What are you selling?

TXINSURANCE · 01-04-2008, 08:34 PM

The Best E&O is...

-The one you never have to actually use

-The one that will actually renew you if you have a claim (even if you win the claim).

-The one that doesn't look like swiss cheese

Ohhh wait there isn't one of these on the market!!!

I am not 100% sure NAPA has a 3 year requirement - unless something changed. I have had NAPA since day one when I received my license.

ghounem · 01-05-2008, 06:20 AM

Hi Everyone, thank you for your responses, I'm in CT, I do mostly p/c, and I tried napa and was told they won't do it, if you can email me m_ghounem at yahoo, the name of the rep that would, that would be great!

I've been trying to get e&o for nearly a month, I have a clear/clean history, I keep waiting for quotes just to be told over and over "denied because under 3 years license history". I was told $3k to $5k by a couple companies, but thought I'd ask here if there is a place where I didn't have to pay 3 times more?

Thanks

Ghounem

retread · 01-05-2008, 03:15 PM

Now that you have disclosed that you are a P&C agent, you bring the issue to point.

Those of us that are LHA have different E&O requirements and won't have any good info for you unless that is the area you need coverage on. My E&O has no prior experience required, and covers me at $1M/$1M for $36.25/mo., but only for Life/Accident/Health policies.

Obviously, P&C has a different exposure to risk, so E&O rules and cost will differ.

Make sure you are comparing apples to apples.

salpro22 · 01-05-2008, 03:17 PM

Originally Posted by retread

Now that you have disclosed that you are a P&C agent, you bring the issue to point.

Those of us that are LHA have different E&O requirements and won't have any good info for you unless that is the area you need coverage on. My E&O has no prior experience required, and covers me at $1M/$1M for $36.25/mo., but only for Life/Accident/Health policies.

Obviously, P&C has a different exposure to risk, so E&O rules and cost will differ.

Make sure you are comparing apples to apples.

Who are you using for that price?

retread · 01-05-2008, 03:24 PM

Originally Posted by salpro22

Who are you using for that price?

MGA out of Lakewood, FL through BC/BS in KC. I think you have to be appointed with BC/BS first.
BCS Errors & Omissions Program

djs · 01-05-2008, 04:05 PM

Originally Posted by ghounem

Hi Everyone, thank you for your responses, I'm in CT, I do mostly p/c, and I tried napa and was told they won't do it, if you can email me m_ghounem at yahoo, the name of the rep that would, that would be great!

I've been trying to get e&o for nearly a month, I have a clear/clean history, I keep waiting for quotes just to be told over and over "denied because under 3 years license history". I was told $3k to $5k by a couple companies, but thought I'd ask here if there is a place where I didn't have to pay 3 times more?

Thanks

Ghounem

3-5K for P&C is probably about the going rate, similar to what I pay. There are still a lot of variables involved, but this is the right range. If you broker a lot of commercial business, plan on paying a bit more (at least on the higher end of this range).

It's tough when you first start out, since this eats away at any profits that you could use to grow your business. It's one of the many factors that have people focus on L&H rather than P&C.

Dan

Bhains Insurance Broker · 01-07-2008, 12:08 PM

Here's a link to CNA and you can do a search for an agent in your area to provide that e&o for you.

warrenins · 01-11-2008, 05:47 PM

Checkwith the associations like PIA (Professional Insurance Agents and the BIG I-"Independent Insurance Agents of America," and find your state) Also call Marsh Affinity Group. That's who I use.

atlantic123 · 02-05-2008, 04:41 PM

Try the Distel Group out of Farmington CT. ABout 2k annually. Very good.

theinsurancelady · 02-05-2008, 04:53 PM

I have mine with Colony this is our third year and we pay $3500.00> Next year we should be able to do more looking.......I have a guy but not sure he's in your state...I'm in Cali

grassroots · 02-07-2008, 05:24 PM

Originally Posted by retread

Now that you have disclosed that you are a P&C agent, you bring the issue to point.

Those of us that are LHA have different E&O requirements and won't have any good info for you unless that is the area you need coverage on. My E&O has no prior experience required, and covers me at $1M/$1M for $36.25/mo., but only for Life/Accident/Health policies.

Obviously, P&C has a different exposure to risk, so E&O rules and cost will differ.

Make sure you are comparing apples to apples.

Question---
Who are you using for life/acc/health? By the way, I was born in Mcpherson

TimLett · 02-21-2008, 12:37 AM

If you are contracted with Life Investors, they have a good deal on E&O.

StinsonAssurance · 02-22-2008, 11:34 AM

I just received a quote from Paco Assurance Company for Property& Casualty E&O coverage for only $1,325 a year. This was for $1MM limit and a deductible of 5k. Now I have been licensed more than three years but my agency has only been licensed for just under two.

1manshow · 02-22-2008, 11:42 AM

Tried Safeco yet ?

arnguy · 08-12-2009, 09:09 PM

OMG, McCarty is everywhere! STI are you asleep or are you out skatboarding?

Rivers1 · 08-12-2009, 11:19 PM

Is it national error and omissions day or something?

The whole forum board is E&O hell!