Help! Newly Licensed P&C Agent Needs E&O

[gemman61]

Hi,
I just received by P&C Broker & Agents Licenses in NY. I need to get E&O insurance. I have no prior insurance experience, or any current book of business, so I am brand new at this. Do I need to use an agent to get my E&O, or does someone know of a carrier in NYS that I can apply direct to?
Thanks!

 

[xrac]

Hi,
I just received by P&C Broker & Agents Licenses in NY. I need to get E&O insurance. I have no prior insurance experience, or any current book of business, so I am brand new at this. Do I need to use an agent to get my E&O, or does someone know of a carrier in NYS that I can apply direct to?
Thanks!

Do you have any carrier appointments lined up yet? You may want to know what kind of limits your carriers will require before you buy E&O. The carriers may have deals available for you.

 

[Josh]

Hi,
I just received by P&C Broker & Agents Licenses in NY. I need to get E&O insurance. I have no prior insurance experience, or any current book of business, so I am brand new at this. Do I need to use an agent to get my E&O, or does someone know of a carrier in NYS that I can apply direct to?
Thanks!

You probably want to figure out your carriers first. E&O isn't going to be as much of a pain as that aspect of it. You can solve your E&O problem with money (there is a guy in NYC on here a lot that can probably help point you in the right direction).

If you don't mind my asking, what made you decide to get into insurance? What are you planning on doing with it? You probably are going to find that going indy isn't going to be your best first move, especially because nearly zero carriers are goign to give you a direct appointment.

 

[iiinycboi]

are you going for agent e&o or agency e&o?

PIA helped me get mine when i got licensed, but its not cheap.

they will underwrite you with colony insurance, for my agency with no book, no experience, etc... it was around 3500 for the fiance agreement.

all the carriers here will require a min. 1MM/1MM 5k deductible.

if you want the contact let me know

and trust me you will spend like 5 months figuring out why no carriers will want to talk to you lol

 

[caligirl]

I signed up with Napa Benefits
napa-benefits.org
They seemed reasonable enough and super quick and helpful.

 

[NCAgent]

Nautilus is good, that is who I used for the starter insurance.2400/year with 2500 deductible and financing was allowed. CITA insurance was where I got it.

 

[iiinycboi]

ncpclhnoob ooo so cheap, mine has been coming up for renewal and my e&o agent hasnt gotten a quote back yet, but she told me it will be increased,

because i do some L&H and neighboring cities. i wonder if 1500 for a p&c l&h agency is possible.

 

[NCAgent]

ncpclhnoob ooo so cheap, mine has been coming up for renewal and my e&o agent hasnt gotten a quote back yet, but she told me it will be increased,

because i do some L&H and neighboring cities. i wonder if 1500 for a p&c l&h agency is possible.

Some of the things they are going to look at it the amount of commissions you write, your claims history, your experience writing (P&C and L&H) and the number of agents writing with you. It is a commercial policy, have the underwriter's get you some credits! Give them a resume, letters of recommendation, something that makes it where you might get some account credits if applicable.

Perhaps try Utica? Aren't they based in NY? I would think they would have some damn good rates.

 

[b61mack]

Check out agencyequity.com he has a lot of information on P&C, You are better off looking at smart choice,or superior access. Or one of the clusters