I have a question, If I have an agency that just me as an agent, no other agent or recruiter beside me. Can I buy my E & O under individual policy or it has to be under an Agency policy. I called the Texas Department of Insurance to ask but the rep that I talked to just hung up on me. I've been paid and written under my personal tax ID and individual license, also have my agency license with E & O showing my name and the name of the entity, but bought under my individual E & O policy.
Agency E & O or individual E & O
- Thread starter Abctx
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You should be talking to your E&O insurance agent.
Both you and your "entity" should be listed as Named Insureds.
Examples:
Joe Agent DBA Joe's Insurance Emporium
Joe Agent and Joe's Insurance Emporium, LLC
Joe Agent and Joe's Insurance Emporium, Inc
Both you and your "entity" should be listed as Named Insureds.
Examples:
Joe Agent DBA Joe's Insurance Emporium
Joe Agent and Joe's Insurance Emporium, LLC
Joe Agent and Joe's Insurance Emporium, Inc
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- #3
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E&O what? Agent? Company?
Seems odd. Did they say why, exactly?
Both what?
Me, too.
I can't imagine anybody at the insurance department being able to tell you how your policy should be written.
- 15,041
Why in the world would your E&O agency or carrier tell you to call the DOI? Assuming your question was clear, it sounds like they are clueless or blowing you off. Time to find new E&O.
Anyone licensed definitely should be covered by a policy, including the agency if licensed. You'd have to read the policy, but I kind of doubt there would be coverage for the agency if not licensed itself.
Anyone licensed definitely should be covered by a policy, including the agency if licensed. You'd have to read the policy, but I kind of doubt there would be coverage for the agency if not licensed itself.
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- #6
I called E&O company and spoke with the agent. I explained to her I just registered an assumed name for both my individual license and agency license. I need to update form Fin533, report of changes to TDI but they need to attached new updates E&O along with the form. So I called them to see if I need the E&O for agency or can I use the one I had which is individual E&O but listed my name and my corporation entity. She said she can’t give me an advice on that, I need to call TDI and ask. I then called TDI and they gave me the answer above
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- #7
That’s what I’m trying to find out. I want to change my contract with carriers from my personal account to my agency account. so I want to know if I need agency E&O insurance or can I use the one I had as individual to operate both license. Does this make sense?
- 2,623
I looked up the FIN533 and noticed this:
THIS FORM IS TO BE USED TO CHANGE THE FOLLOWING:
Your mailing, resident, or business address, ONLY if the address change includes a change from one state to another state (Ex: TX to NM or KS to OK).
Your individual licensee’s name registered with the department.
http://www.tdi.texas.gov/forms/finagentlicense/fin533.pdf
That form has nothing to do with your business name.
It appears that the proper form is FIN528:
http://www.tdi.texas.gov/forms/finagentlicense/fin528.pdf
As for whether you need a new E&O policy all I can say is if your current policy covers you and your Insurance Inc company then you should be able to just add the additional business name to the policy.
I can't read your policy but I don't imagine that there is a difference between a policy on an agent and a policy on an agency. Maybe you should do as another responder suggested: Find an E&O agent who knows what he is doing.
THIS FORM IS TO BE USED TO CHANGE THE FOLLOWING:
Your mailing, resident, or business address, ONLY if the address change includes a change from one state to another state (Ex: TX to NM or KS to OK).
Your individual licensee’s name registered with the department.
http://www.tdi.texas.gov/forms/finagentlicense/fin533.pdf
That form has nothing to do with your business name.
It appears that the proper form is FIN528:
http://www.tdi.texas.gov/forms/finagentlicense/fin528.pdf
As for whether you need a new E&O policy all I can say is if your current policy covers you and your Insurance Inc company then you should be able to just add the additional business name to the policy.
I can't read your policy but I don't imagine that there is a difference between a policy on an agent and a policy on an agency. Maybe you should do as another responder suggested: Find an E&O agent who knows what he is doing.
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- #9
You are correct. I typed the wrong form. That’s the one I did.
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