Does anyone have feedback on this company? They offer new agent E&O for a very competitive price, so much so it's scary. I can't find any info on it. I'm looking for coverage for a new agent - he found this on his own and I can't believe the pricing, almost too good to be true. $888 a year for p&c, life, health with $1000 deductible, 1M/2M agg.
Feedback on United Defendco E&O?
- Thread starter txagt39
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Hi, I just got off of the phne with them and the Mn Dept of Commerce. I had an analyst say that if they were an American company the Department would be trying to put them out of business. They also said that it is a "scam." They read the contract and told me that if you are sued for E & O coverage, you pay out of pocket and United DefendCo reimburses you for the suit as they see fit after it is over.
This is definantly a buyer beware issue.
This is definantly a buyer beware issue.
- Thread starter
- #4
After a little more research I learned they are not an insurance company they are calling themselves something like a risk management association. They are based out of the Netherlands. Their application only has a very few questions nothing like any reputable US carrier so buyer beware. My brother found this co online and asked me about it, I looked into it and I think it's a sham. You would have no recourse whatsoever if they took your money and did nothing beyond that. They would not be accountable to anyone. I recommended my brother seek coverage elsewhere, reputable. The premium estimate alone was enough to raise plenty of red flags.
What is their A.M. Best rating? 
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- #6
They do not have an AM Best rating which was the first red flag. Their reasoning was because they are NOT an insurance company but a risk management association - hum...that's when it got even more suspicious.
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It's beyond BUYER BEWARE, it's a sham clear and simple. Another example of "if it's too good to be true it probably isn't", this isn't. Send your money and hope for the best...meanwhile in the Netherlands they are counting their money and laughing their tails off. When they ask you your name and address and that's about all you should figure there's something afoul going on.
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It's beyond BUYER BEWARE, it's a sham clear and simple. Another example of "if it's too good to be true it probably isn't", this isn't. Send your money and hope for the best...meanwhile in the Netherlands they are counting their money and laughing their tails off. When they ask you your name and address and that's about all you should figure there's something afoul going on.
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I googled their phone # and found a document with a Grandville, MI address which google maps shows as a mailbox forwarding service. MI Insurance dept does not list them. If what has been stated here about suing them for reimbursement is correct, you have to go to Belize to do it according to the terms on their website.
Thanks guys, you helped me dodge a bullet! If something sounds 'too good to be true' it probably is...
Thanks guys, you helped me dodge a bullet! If something sounds 'too good to be true' it probably is...
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Take it from me (speaking from experience), United Defendco, sounds good but its a waste of time. Only Superior access and few other surplus lines carriers will take it. THank god they had a 30 day money back guarantee.
I do my P&C business through Superior Access. If they accept it as valid "E&O" - [required to get appointed with them] then what risk I'm getting into by taking United DefendCo E&O.
My name is not printed on the policy issued to the clients, although I understand client dealt with me; not Superior Access.
My name is not printed on the policy issued to the clients, although I understand client dealt with me; not Superior Access.
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