Errors and Omissions Insurance 4 P&C Newbie in IL

Just a warning, United Defendco is simply not accepted by a lot of P&C carriers. Its cheap, but there is a reason.... and most carriers know this.

PDX - P&C agents do end up with claims against their E&O. I've never had one, but I know many agents that have had them. It's easy to simply know something is covered and then find out later that in the particular situation the loss happened, its not covered. Or, you put a wrong date on a form. Or you enter the wrong coverages. Just to easy to make an innocent mistake.

When you are new is when its definitely NOT time to skimp on E&O coverage. When do you think these mistakes happen? Now, in reality, with Superior the odds of getting an E&O claim are somewhat diminished, simply because you don't have binding authority. It can still happen though.

Dan
 
if I remember someone talking about defendco, it isnt actually insurance, it is more of a defense assist thing,
RUN RUN RUN
 
We have carriers that offer high deductibles, like $10,000 or higher, for e and o. If anyone is interested in a quote, I am happy to see what I can do. If you have at least 3 years of experience, I have an option that has very competitive pricing.
 
Just because Superior Access accepts it doesnt make DefendCO a valid E&O.

Some claims may go against the agent on the policy, but remember the client dealt with YOU, not Superior Access. When it comes to lawsuite, he will file against YOU, not superior access. At that time, you will not find DefendCO anywhere in US (they are based in Europe, with only a mailing address in US)
 
I actually did purchase the "Coverage" from United DEFENDCO, or IWorld Financial Group.

After receiving the policy jacket today I became a little unsure of the coverage and started a little research.

The DFS stated that they are listed as a potential non licensed in agency in Florida, not good.

I wrote to them this is the response.

"iWorld Financial Group are regulated by all state and federal laws for stringent regulations and requirements regarding reputation, integrity, and proper business practices. This dictates the states in which we can operate in, as they vary from state to state. We are not required to be regulated or appointed with the DOI as we are a privately owned and operated Risk-Sharing Pool with a General Reserve Fund."

So it seems like I may go for the refund. I have not contacted any carriers about the appointments. I will do tomorrow.

I have several years of Underwriting P&C if anyone has any other options for me to consider in the State of Florida I would appreciate the feedback.
 
Here is a clue for a valid E&O policy....
Make sure they have at least an A rating.
Don't accept the fact that they are not rated. If they aren't rated, don't consider them. Many, many, many carriers will not take unrated E&O policies.

Dan
 
Sorry for bumping up an aged thread but on same subject with American Agents Alliance through Fireman’s Fund and administered through CalSurance:

An IL new agency (<3yrs) E&O P&C quoted online with $2,500 deductible is in $1,500's

$160 membership fee is included and a must.

The effective date of the program master policy is October 1, 2011 and it expires October 1, 2012. If you are not entering the program with an individual effective date of October 1, your premium is being determined on a pro rata basis.

Got that on their website
Insurance Agency E&O Insurance | Errors and Omissions Insurance for Insurance Agencies | Exclusive E&O Programs
 
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