E & O Premiums Going Up and Up

[adamsagency]

I've been with Utica (through the PIA) since I started my independent agency in the late 90's. I've never had a claim, but my premiums are going up like 10% or so a year. I've always been concerned about switching to another company due not covering previous years or such. Any ideas on what to do?


Thank you!!

 

[AllenChicago]

I changed this year (1-1-2015) from NAPA because they charge a whopping $80service fee just for renewing. MGA Insurance Services charges only $25. The annual premium MGA is lower too. It's $400, vs $469 for NAPA.

 

[adamsagency]

Does that include coverage for insurance policies written prior to the new coverage? I've been writing insurance since 1998, so I would want to have the carry back coverage. Right now, it's through Utica National for around 2.5k. It's really expensive. No claims nor issues ever. Yet, every year they seem to raise my premium.

 

[senior-advisor-indiana]

I changed this year (1-1-2015) from NAPA because they charge a whopping $80service fee just for renewing. MGA Insurance Services charges only $25. The annual premium MGA is lower too. It's $400, vs $469 for NAPA.

I switched from NAPA to MGA also. Mine is $435. How is yours lower? Also the guy I talked to at MGA said they own NAPA.

 

[adamsagency]

How much coverage do you have with MGA?

 

[pcbinsurance]

Same company. NAPA is owned by MGA. I think it's questionable why they charge different prices for the same product.

 

[senior-advisor-indiana]

Same company. NAPA is owned by MGA. I think it's questionable why they charge different prices for the same product.

I think it depends on which company is sponsoring your e&o. Mine is the Medico discount. My previous was through Great American which was at least 100 more expensive.

 

[pcbinsurance]

I don't have anyone sponsoring me. Maybe I should ask one of my carriers?

 

[adamsagency]

I checked E & O for Less and Napa Direct. They both seem to only have coverage for 1m per loss. Looking for 3m per loss (Most of my insurance is commercial). Any options on where to go?

 

[goillini52]

I checked E & O for Less and Napa Direct. They both seem to only have coverage for 1m per loss. Looking for 3m per loss (Most of my insurance is commercial). Any options on where to go?

I have mine through NAPA, sponsored by Equitable. NAPA had a $2 m per / $3M annual through Assurant.

Assurant Life Agent E&O Program