E & O Insurance

[darnovak]

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.

[jtabosida]

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.

[MODERN]

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.

[MODERN]

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.

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.

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.

[brownlee]

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.