Have anyone heard about E & O coverage of America, their E and O coverage seems very cheap but unable to verify thier location? Any information would be helpful?
Have anyone heard about E & O coverage of America, their E and O coverage seems very cheap but unable to verify thier location? Any information would be helpful?
Actually, the coverage provided by E & O Coverage of America is much cheaper considering their policy covers both P & C as well as Life & Health. All covered for less than $600.00
That is not bad at all.
Originally Posted by xrac
E and O Coverage of America: Errors and Omissions Coverage for Insurance Professionals - Errors & Omissions Coverage (Powered by CubeCart)
The coverage offered by IHIAA is cheaper. $440 per year.
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Actually, the coverage provided by E & O Coverage of America is much cheaper considering their policy covers both P & C as well as Life & Health. All covered for less than $600.00
Have anyone heard about E & O coverage of America, their E and O coverage seems very cheap but unable to verify thier location? Any information would be helpful?
I was very skeptical about the legitimacy of their product. My wife purchased coverage through them and it actually worked at as well as anything else. I can't speak to whether they pay claims or not, but they did send out the certificate quickly and answer the phone when she called. There was even a billing issue they resolved way fast.
Any P & C agents who want to roll the dice with these guys ? "Not an insurance company" it says in their literature !
My current E & O rate is approx. 8 times the price they quoted of $600ish per year and I feele that it is a good deal. That's with 0 claims in the last 20 years.
Assurant beats them for coverage of life, health, annuities, and mutual funds at $527 for $1 million/Claim and $3 million/Annually as the limits. The National Ethics is $695 annually for the same coverage, but the limits are not indicated! Of couse, you must be appointed with Assurant.
Assurant beats them for coverage of life, health, annuities, and mutual funds at $527 for $1 million/Claim and $3 million/Annually as the limits. The National Ethics is $695 annually for the same coverage, but the limits are not indicated! Of couse, you must be appointed with Assurant.
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?
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 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
------------------------------------ You can do this if you try................Ronnie VanZant
Any P & C agents who want to roll the dice with these guys ? "Not an insurance company" it says in their literature !
My current E & O rate is approx. 8 times the price they quoted of $600ish per year and I feele that it is a good deal. That's with 0 claims in the last 20 years.
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
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.
E & O Coverage of America
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