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“A small portion of the Agency E&O Survey respondents, 13.3 percent, reported that they buy E&O mainly because their carrier partners require it.” These are the bottom feeders that damage our industriy’s reputation. If you don’t understand the value of insurance, you shouldn’t be selling it.
You’re forgetting the large number of old time agents that until 15 years ago never had the request from the carriers. Creative trial lawyers have contributed to the extreme cost of E&O insurance.
My point was rather the carriers required it or not, we as agents should value the products we sell. I can’t imagine being an insurance agent/broker and not carrying the coverage. I am not saying I have to like the price, but it is the cost of doing business.
I don’t disagree with you and I would carry E&O regardless of whether my company partners required it. But understand that a lot of those who only carry E&O because they’re required to are perfectly good agents who didn’t have the need until recent times.