E & O Insurance

[steveadlman]

What is the average price for E & O insurance for a P & C agent?
What companies offer the best rates for an independent agent?

 

[Surety1]

The best price is usually from one of the Lloyds groups. I placed a new agent last week for $1800.00 including fee's. This was with limits of $1mil/1 mil. Always make sure defense cost are outside of the limit's. There are some agents associations that can give a good rate also.However, most of them are a group policy. So if there are too many claims one year you could not have enough coverage or if the rate goes up after a few years you may be stuck with that policy. Because no other carriers will honor the retro date.I hope this helps.

 

[steveadlman]

The best price is usually from one of the Lloyds groups. I placed a new agent last week for $1800.00 including fee's. This was with limits of $1mil/1 mil. Always make sure defense cost are outside of the limit's. There are some agents associations that can give a good rate also.However, most of them are a group policy. So if there are too many claims one year you could not have enough coverage or if the rate goes up after a few years you may be stuck with that policy. Because no other carriers will honor the retro date.I hope this helps.

Thank you for that information it does help.

 

[markschneider86]

1 million is not very much. I carry a 10 million liability with a 5 mill umbrella.

 

[Fisher]

1 million is not very much. I carry a 10 million liability with a 5 mill umbrella.

Cool.

How that applies to the OP's question eludes me, but... cool.

 

[joshb]

Cool.

How that applies to the OP's question eludes me, but... cool.

It's good information (some might even say pertinent) for the OP to know.

Not sure how your comment is helpful or pertains to the op's question either.

We also carry 10 mil with a 5 mil umbrella.

 

[Fisher]

You're right, Josh. I apologize for my common-sense reply which contained zero help for the OP's query. I'm bad.

 

[joshb]

I just find it funny that would call someone else out for the same thing you were doing, while you were calling him out. Doesn't make too much sense; at least to me.

 

[Fisher]

Call it an 'observation' if that helps. If it doesn't help I'm fine with that too.

Steveadlman, I don't know the answers you're seeking, bro.

 

[markschneider86]

I guess my point being is, how much E & O coverage do you want?