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New Agency E&O
Posted: Thu May 24, 2007 7:26 am
by GrowthAgent
What is the typical premium for $500K & $1M limits for an agents E&O policy?
E&O
Posted: Thu May 24, 2007 11:04 am
by Prolines
There are a number of factors that go into the pricing of Agency E&O.
How much premium volume is projected in the first year?
How much fee and commission income will be generated?
What is the split in regards to placement (GL, Auto, Professional, Transportation, Personal, Aviation, Marine, etc)?
What is the experience level of the Principals?
How many Agents?
Posted: Thu May 24, 2007 12:24 pm
by INTLXS
Simple answer.... $1,000 give or take $500 based on certain factors.
Posted: Thu May 24, 2007 2:15 pm
by wlunday
There are only a few (maybe 10) markets for this stuff. It would be easy to submit a few applications to get a good idea. Or. just call the marketing people at the MGA's that sell it. Good Luck.
Swymmer
Insurance Agent E & O
Posted: Fri May 25, 2007 9:09 am
by mhutch69
What state are you located in? I can help with AZ and NV. I have markets for new producers through seasoned large agencies. As the other post stated, several factors are considered to provide an indication of premium for each agency.
Premium Written
Type of Coverage sold
Annual Commissions
In-house procedures
Historical complaints
DOI actions
Historical claims
Experience in the business
Are securities sold?
Percentage of revenues attributed to each line of coverage
etc.
If you are in AZ or NV, I can send you several apps to complete and get you an immediate indication.
If you are in CA., contact Arrowhead General. They got it covered.
Hutch
Posted: Fri May 25, 2007 3:22 pm
by aplessing
Aon has a program for small new agents called Agency Advantage
http://www.agency-advantage.com/
They also announced a program through the PIA a couple of weeks ago.