How to Contract to Sell E&o

[GAbroker]

I'd like to be able to offer e&o insurance with everything else any insight as how to go about that?

 

[Frank Stastny]

I'd like to be able to offer e&o insurance with everything else any insight as how to go about that?

What is the "everything else" that you are selling?

 

[Mark]

ONly a few companies sell e and O.

Contact Marsh.

 

[PDX_Agent]

I looked at that marsh program, am I seeing it right? They offer $1M/$1M policy for P&C agents for $787 annually? That seems low compared to the rest of the quotes out there.

It says it is a group policy, with a $10M aggregate. So if 10 other agents out there that are part of the group each have a $1M claim and if I am #11 then it looks like I would be "**** out of luck"?

 

[OCinsurance]

We sell e and o with several carriers, and I would think it is reasonable to assume that they have production requirements. Do you see a lot of e and o requests?

 

[TwiLight]

Many GL carriers (Hartford, Zurich, etc) will add this to their policies as a separate rider with additional underwriting criteria. Standard carriers such as this have broader definitions for E&O or PL (professional liability). Most stand alone E&O are specialty products and Underwritten by Excess Lines MGA shops like Marsh, etc. Using insurance carrier paper. Most are expensive compared to rider plans with GL.

Big thing about Rider/GL insurance is they do not have as broad an appetite that the Excess Lines Brokers have.

Same goes for Liquor Liability in some States. Companies like Badger Mutual or SAFECO/LM will add it to the Property/GL policies for Stores and Restaurants. As long as they are established.

 

[PDX_Agent]

If I was just concerned about getting proof of E&O coverage for appointments then I would do that $737 policy through eandoforless.com. If I wanted actual coverage I knew would be in place if I had a claim, I would shop around with some commercial agents for quotes.

 

[PDX_Agent]

They will pay claims up to $10 million dollars for the policy period. You are sharing a GROUP policy with every other P&C agent that has E&O through that policy.

It is a roll of the dice that I am not willing to bet my agency on at this point, YMMV.

 

[Sales71]

They will pay claims up to $10 million dollars for the policy period. You are sharing a GROUP policy with every other P&C agent that has E&O through that policy.

It is a roll of the dice that I am not willing to bet my agency on at this point, YMMV.

Wow 10mil as a group limits would not be much. If it was used a few times.