E & O Insurance
Moderators: Josh, independent guy
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- Insurance Journal Addict
- Posts: 106
- Joined: Fri Jul 15, 2005 10:51 am
- Location: Alyamont NY USA
Still no specifics
See, still no specifics. Those familiar with the application for agent/brokers E&O know what I mean. It is one of the most detailed applications you will ever have to complete. The factors determinating the rating are so involved, anything condensed to a message here would be worthless. BTW, I have a Zillion of coverage and it only cost a left arm. BFD. Advertising and soliciting should be done off board.
Darnovak paying to much
The reason you are paying so much is because you are located in a Treble law state, New York. Im in Cali and also pay a good amount. I can tell you if either one of us moved to a different state the premium would almost be cut in half.
Some specifics
darnovak, these days most carriers rate on GWP or commissions, with debits and credits given for the various management and organizational factors. I only know of one company still basing their rates on employee count (Utica). I don't log onto this site daily so i ddon't get a chance to read these. I welcome anyone with questions regarding their E & O to call me or email me off board. I'll be happy to answer any questions I can.
Re: Darnovak paying to much
jtabosida, you are absolutely correct regarding being in a difficult area. We have small P & C agents in rural areas paying less than $1,000 for their coverage. Here in Miami the average premium is around $5k for a new agent with limited experience.jtabosida wrote:The reason you are paying so much is because you are located in a Treble law state, New York. Im in Cali and also pay a good amount. I can tell you if either one of us moved to a different state the premium would almost be cut in half.
Oh one more tip. A few of the larger P & C carriers quietly offer E & O for their agents. It's worth a try if you can get in.
I don't visit this site very often, but I was in need of E&O insurance as a new agent so I posted here to get some advise. I eventually found E&O thru another poster who contacted me offline. I joined the agency he is associated with and felt that it would be inappropriate to advertise the agency in this forum.
I don't know who "MODERN" is, or anyone else on this board. I have made one friend and I'm very thankful that he referred me to a very supportive brokerage group that has started me on the path of success in my career.
I don't know who "MODERN" is, or anyone else on this board. I have made one friend and I'm very thankful that he referred me to a very supportive brokerage group that has started me on the path of success in my career.