Errors and Omissions Insurance ***Actual Claims***

[BNTRS]

One word: Prudential

 

[Josh]

But did he have AD&D that paid out?

Yes, that's what made it so noteworthy. He was furious about the leg, but he got somewhere around $50k and he felt that cushioned the blow. I was like "I'll be damned, I guess they do pay out claims."

 

[VaDwayne]

Interesting topic.. It's good to hear experiences from the old-timers. Thank the Lord that my P&C E&O is paid for me. I have no idea what it cost but with the L&H and the P&C combined, I would think boht would total $1200 a year or so.

 

[djs]

Interesting topic.. It's good to hear experiences from the old-timers. Thank the Lord that my P&C E&O is paid for me. I have no idea what it cost but with the L&H and the P&C combined, I would think boht would total $1200 a year or so.

Try more like $3500 - $4000 a year. P&C is far more than life&health.

Dan

 

[VaDwayne]

Try more like $3500 - $4000 a year. P&C is far more than life&health.

Dan

WOW, I really didn't have a clue how much P&C coverage is. Thanks for the info..

 

[djs]

I should have been a bit clearer, to add someone under an existing policy is a LOT less than a new policy.

My particular policy covers my agency, including as many producers as I can hire. I know some charge extra per producer, no idea what that rate is.

Dan

 

[FL P&C Broker]

Ours averages out to about $800/producer. Not sure what we are going to when our books reaches over 10mil.

 

[Bertolinoins]

They happen fairly frequently in P&C. People have selective memory after claims happen and when they get denied you end up with a claim or coming out of pocket.

Early in my career I had to dip into my pocket a few times and I eventually stopped writing anything other than top of the line coverage with top carriers. If somebody wants to cut corners to save a few dollars... they can buy it from somebody else and that agent can deal with the headaches when they show up crying at his office with towing and rental car bills or worse. I don't skimp on auto coverage, I don't write contractor's GL without adding property/inland marine coverage (they never want it but always have theft claims) and I don't write any professional offices that don't carry E&O and EPLI. It is a pretty good process for weeding out good clients from bad clients.