I am a captive agent planning to go Indy soon. Have e&o now through my company and/or b/d. I assume that will end when I leave and I will need to get my own. Question: once I pick my personal e&o carrier and apply, what is typical turn around time? How long would I need to wait before I have the coverage, and can write for those carriers that require it? I'm looking to focus on life insurance, and I am in Illinois. Thanks!
Turn Around Time?
- Thread starter GTC1
- Start date
- 378
Most insurance companies offers "sponsorship" of E&O coverage (not for free, but typically discounted). You can search NAPA's website (for example). When you apply for a new contract with a carrier you may buy the E&O at the same time.
It takes about 2-3 days for E&O policy to start, but typically the policy starts on the 1st day of the following month (unless you choose to start it on the 1st of current month).
If you're a new agent (under 2 yrs) you may qualify for a discounted E&O through NAPA, but I believe it's excluding annuities.
Good luck going Indy
