Errors & Ommissions

[DC-Consulting]

Has anyone heard anything regarding E&O underwritten by CNA and administered by Marsh? They offer it for $495. Right now im paying $895 through Aon that was turned onto me by a GA. Of course bad idea on my part and now I realize I need to switch.

 

[Mark]

Has anyone heard anything regarding E&O underwritten by CNA and administered by Marsh? They offer it for $495. Right now im paying $895 through Aon that was turned onto me by a GA. Of course bad idea on my part and now I realize I need to switch.

Here is the link.
National Ethics Bureau - Membership - Overview

 

[Tom Highway]

Who really needs E&O insurance? In other words, which of these would you need E&O insurance for, and which would you NOT need E&O insurance for - term life, whole life, final expense, long term care, cancer, medicare advantage, medicare supplements, disability, group/individual health.

I'm assuming that any investment, security, stock, annuity, etc would absolutely require E&O - correct?

 

[NPCOACH]

Who really needs E&O insurance? In other words, which of these would you need E&O insurance for, and which would you NOT need E&O insurance for - term life, whole life, final expense, long term care, cancer, medicare advantage, medicare supplements, disability, group/individual health.

I'm assuming that any investment, security, stock, annuity, etc would absolutely require E&O - correct?

You need e & o insurance for all of them. Remember, a competent agent is not likely to get sued for anything, but what does it cost to file a suit. If the industry rule of thumb is to insure a life for 7 to 10 times income and you you only insure it for 3 times income - you might get sued. If you recommend an annuity but not an LTC policy... if you sell a 10,000 final expense when they could have qualified for a 25,000 ul at nearly the same premium...if you talk about health, but not cancer...

Anybody can sue anyone for anything. Costs to defend a frivolous suit are still expensive.

No normal person would think you can sue a fast food restaurant for spilling coffee on your lap while driving with it between your legs without the top on it - but ask McDonald's how that went for them.

We are in the insurance business. We cover risks that are common and risks that are unlikely - but still possible. You buy homeowners primarily for the catastrophic coverage of fire and theft - but it is nice to be covered for dog bites and slips and falls.

 

[DJM]

Where could I find agency E&O? and how much does something like that run?

 

[Waterfront Financial]

Interesting thread

When I signed up with my insurance broker, I was told that certain companies like Allianz would cover me for E & O, while other companies required me to have E & O.

My E & O is through NAPA, which I found to be priced well for my needs at the moment.

 

[EFLTEACHER]

1M/1M for 400 annual? That sounds like a good deal. is that just through the rest of this year?

Its pro-rated for the rest of the year. July through September is $140..