E-n-O ... How much do I need?

[Allen Trent]

You are right. With my E&O case my carrier contracted with my attorney and paid the fees. The good thing about E&O and General Liability is that your insurance carrier pays for defense fees.

did the E&O carrier charge you your deductible or is that only charged if they have to pay the plaintiff?

 

[ehall2]

With my E&O the deductible doesn't apply to defense cost, only if a judgement is paid so I came out OK in this case. I have a $2,500 deductible if a claim is paid.

 

[DonP]

legally binding contract law generally would beg to differ

to be legally binding, you need offer, acceptance & tender.

putting down money is merely a deposit

in insurance, the offer is the client signed application. Acceptance is the carrier accepting the offer in exchange for signed application & requirements & exchange of tender (todays world tender can be the banking documents or credit card numbers or even promise to pay within X days, etc)

Every single new car I've bought over the past 30 yrs all agents binded coverage over the phone and sent me my policy pages and cards by email within an hr . I have to have these pages in order to get my tag showing " proof of ins" . Again this could be because I already have auto coverage with the company

 

[Allen Trent]

Every single new car I've bought over the past 30 yrs all agents binded coverage over the phone and sent me my policy pages and cards by email within an hr . I have to have these pages in order to get my tag showing " proof of ins" . Again this could be because I already have auto coverage with the company

yup, that is because you are not applying to get a policy contract. You already have the contract active. plus, most auto insurance policies automatically provide coverage for newly purchased vehicles even if you dont call right away--up to say 30 days.

But, the dealership wont let you drive off the lot without proof of insurance to process the registration or to satisfy the lender seeing they are protected as lienholder on the policy

 

[CJ Tibbs]

Going after the prospect probably would have been pointless as he was likely judgement-proof (no money). But I definitely would have lodged an ethics complaint against his attorney with the Georgia Bar Association.

yes... I had a friend who 'hired an attorney' to 'Write a complaint' against another attorney. The Bar Association, suspended the offending attorney from practice for 1 yr. That adds up to 6 figures, for messing with the wrong party. --- hit them where it hurts !

 

[walthamny]

The problem with E&O insurance it does not reimburse you for your time. ANd I am not just talking about court time, it adds a lot of stress to your daily business and slows you down. You have loss of income even at the end if you win the case. Getting the lawyer suspended maybe makes feel good, unfortunately it does not pay anything in monetary for you.

 

[CJ Tibbs]

The problem with E&O insurance it does not reimburse you for your time. ANd I am not just talking about court time, it adds a lot of stress to your daily business and slows you down. You have loss of income even at the end if you win the case. Getting the lawyer suspended maybe makes feel good, unfortunately it does not pay anything in monetary for you.

TRUE... the idea is to get compensated somehow.

 

[The Benefit Coach]

The problem with E&O insurance it does not reimburse you for your time. ANd I am not just talking about court time, it adds a lot of stress to your daily business and slows you down. You have loss of income even at the end if you win the case. Getting the lawyer suspended maybe makes feel good, unfortunately it does not pay anything in monetary for you.

True, but it not only prevents them from doing this to other agents, but it also sends a clear message to the legal community that this type of conduct will not be tolerated. I would regard CJ's effort as a service to our industry.