Errors and Omissions Insurance 4 P&C Newbie in IL

[Ferrari]

Hi to all people at this great discussion board

I am trying to obtain inexpensive E&O Insurance for Property & Casualty Agents in State of Illinois.
Many of them want years of experience being licensed.
Do you know of any other way to get this valuable coverage?
I am trying to get going as a small Independent Agency.

Thank you for your time.

 

[Guest]

Hi to all people at this great discussion board

I am trying to obtain inexpensive E&O Insurance for Property & Casualty Agents in State of Illinois.
Many of them want years of experience being licensed.
Do you know of any other way to get this valuable coverage?
I am trying to get going as a small Independent Agency.

Thank you for your time.

Try using the search function

 

[Air Jer]

He would use the search function if he had known about it. New folks to our forum don't always know about things like this right away.

As for E & O, have you contacted the IIAI in Springfield? They have plans for association members I believe.

 

[Guest]

He would use the search function if he had known about it. New folks to our forum don't always know about things like this right away.

As for E & O, have you contacted the IIAI in Springfield? They have plans for association members I believe.

And why do you think I told him to use the search function????

 

[jhuang]

E&O for P&C isn't cheap, expect to pay an arm and a leg to get started.

Unless you use United Defend Co. They are a private organization and doesn't have an AM Best rating. Some MGA will accept them, some won't.

If you are a Superior Access Member, you can shop for E&O through them and get a commission off your own E&O. They will also accept United Defend Co.'s Policy Form.

 

[Ferrari]

Thanks guys for pointing me to proper direction.

I was looking @IIA of IL. They offer two types of E&O. SwissRe Westport and Utica Mutual according to their website. For the first one they are looking for 3y exp or business plan and resume, for second one processing time for a properly completed application is approximately 30 days

I need something sooner if possible and for new agency.

How much do you pay for E&O for P&C if is O.K. to ask?

 

[jhuang]

I used United Defend Co because I went with Superior Access since My agency is new.

I have a $5000 OOP for around $600 for $1mil/$1mil.

I may switch in a few years once my book is built up and am able to switch to direct carriers, but I think the premium will be dependent on my volume as well as licensed staff.

 

[moeasadi]

Lloyds will write it for about $3500
Burns and Wilcox is their MGA.Give it a shot.

 

[Ferrari]

I used United Defend Co because I went with Superior Access since My agency is new.

I have a $5000 OOP for around $600 for $1mil/$1mil.

I may switch in a few years once my book is built up and am able to switch to direct carriers, but I think the premium will be dependent on my volume as well as licensed staff.

So for $5000 out of pocket you are paying around 600 for $1mil/$1mil? That looks like the best deal so far that you can find for new agent?

For being so helpful and kind I am wondering can I use your referral (Link maybe?) after they quote me I will probably purchase and according to their site you may earn $100?

 

[Guest]

WOW, so your just going to take the CHEAPEST no matter what the policy says? There are differences in policies.

Second, do you have $5,000 out of pocket if something happens?

Third, most companies wont allow you to have that high of a deductible.

Do some research.....