Agency E&O Survey: Why Agents Buy Coverage

By | November 22, 2011

  • November 22, 2011 at 2:04 pm
    Alan says:
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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.

    • November 23, 2011 at 12:52 pm
      Mr. Solvent says:
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      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.

      • November 23, 2011 at 1:18 pm
        Alan says:
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        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.

        • November 23, 2011 at 1:39 pm
          Mr. Solvent says:
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          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.



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