Best Errors And Omissions Provider ?

[ghounem]

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]

Re: best errors and omissions provider?

What state are you in?

 

[rdavis85]

Re: best errors and omissions provider?

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

 

[JRoot]

Re: best errors and omissions provider?

What are you selling?

 

[TXINSURANCE]

Re: best errors and omissions provider?

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]

Re: best errors and omissions provider?

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]

Re: best errors and omissions provider?

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.

 

[J.R.]

Re: best errors and omissions provider?

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]

Re: best errors and omissions provider?

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]

Re: best errors and omissions provider?

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