Errors and Omissions Insurance 4 P&C Newbie in IL

[easy8521]

Not trying to push anyone, but i read some where that some group gets AON for about 4 5 0 per year. I was paying $150 per month in the mortgage industry and when i read this number i felt ripped off. AND i never had any claims.

 

[VolAgent]

Who needs E&O in the mortgage industry? I thought you needed fraud insurance judging by some people's actions.

 

[Ferrari]

WOW, so your just going to take the CHEAPEST no matter what the policy says? There are differences in policies.

Second, do you have $5,000 out of pocket if something happens?

Third, most companies wont allow you to have that high of a deductible.

Do some research.....

@Red Blooded American,

According to iWorld Financial Group and their uniteddefendco.com website you have three options to get E&O for Property and Casualty only:

a) $5,000 Maximum Out of Pocket = $573 (IL)
b) $2,500 Maximum Out of Pocket = $637 (IL)
c) $1,000 Maximum Out of Pocket = $708 (IL)

I need E&O as a start up for P&C non-standard insurance
Is this company any good? I have feeling that some of you guys are skeptical.

I will appreciate if you guys are willing to share your opinions here.

Thanks

 

[jhuang]

Ferrari,

Again, I went United Defendco because I knew Superior Access will accept them as a valid E&O company. I chose Superior because there is no monthly commitment but does have a monthly fee, however, they have a quoting system and simple management system built in. It's all set up for me to start doing business.

I have a policy sample if you want to go over it. I'll send you a PM with my email.

 

[Ferrari]

@jhuang,
thank you very much for sharing your knowledge with others. Got your emails and prompt replies. Will do research on that.

@easy8521,
To stay on the topic, just contacted AON online, to get their info on P&C Errors & Omissions Insurance. Thanks for the lead.

 

[Mark]

On the life side, both Assurity and Foresters Life will accept them.

Here is my ad that I have for them.

 

[OCinsurance]

Did anyone notice that united defend co's address is actually a mail forwarding site? Check United States and Canada BBB Consumer and Business Reviews, Reports, Ratings, Complaints and Accredited Business Listings

 

[b61mack]

i believe they are on one of the caribean islands. if you are going to start with superior access, it is a good option. but it kind of scares me.. but i guess if you get hit with an E&O claim, in the first year, you will be pretty much out of business...anyway..

 

[PDX_Agent]

Eh, why not go with a high out of pocket if you are never going to have a claim? How many agents here have ever had an E&O claim for P&C?

 

[Guest]

Eh, why not go with a high out of pocket if you are never going to have a claim? How many agents here have ever had an E&O claim for P&C?

Most companies I have seen dont allow you to go over a $2,500 deduct....