EOCoverage.Com

NAPA or EOforLess.com for Life Agent

Jun 30, 2014

  1. 308ar10
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    308ar10 Expert

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    EOforLess is $495/yr

    Napa has one for new agents that is $374/yr

    Only difference I see is the annual and aggregate figures.

    Napa is 1mil/1mil annual.
    EOforLess is 1mil/2mil aggregate.

    First off, not 100% sure what the difference between them is, wouldn't aggregate be the 'annual aggregate'? If so, is the extra $1mil necessary? Just can't see a life insurance agent having this many/large claims against them unless they are being really shady on their deals.

    Advice??
     
    308ar10, Jun 30, 2014
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  2. GreenSky
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    GreenSky Guru

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    Be sure you get E&O that applies to all the potential products you sell. If you can guarantee you'll never sell an annuity, then you don't need that rider.

    Or you can pay $430-460 and get a policy covering everything you can do with a L&H license.

    Rick
     
    GreenSky, Jun 30, 2014
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  3. 308ar10
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    308ar10 Expert

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    That is good advice. For right now, at least my first year, I plan to avoid annuities.

    Still makes me wonder about the coverage for aggregate. Any life agents that have been subject to claims ever approach this limit?
     
    308ar10, Jun 30, 2014
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  4. goillini52
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    goillini52 KeepAmericaGreat...Eat Bacon & BUILD THAT WALL!!!

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    The EOforLess is 1mil/2mil aggregate. You have $1 million per claim...$2 million per year. Assurant sponsors one through NAPA that is I believe $1 million/$3 million aggregate.

    That's a good deal for a new agent.
     
  5. simpleguy
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    simpleguy New Member

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    I am running an 120 agent health agency. I need to find good E&O that will cover my agency and agents. Any suggestions?
     
  6. 308ar10
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    308ar10 Expert

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    308ar10, Jul 8, 2014
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  7. RonM
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    RonM New Member

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    I used NAPA for my Life/Health/Annuity, it seemed pretty good, I hope i never have to make a claim with it. Now I currently use a E&O that is offered through the FMO i work under, and it is dirt cheap, but it only applies to business I write through them, of course all of my business goes through them, so i am not at a loss.
     
    RonM, Aug 19, 2014
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  8. Mark
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    Mark Guru

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    Mark, Aug 19, 2014
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  9. DHK
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    DHK Guru

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    DHK, Aug 19, 2014
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  10. LifeWorth
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    LifeWorth Guru

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    Both options are less than 100 bucks a month. Both are less than 50 a month. Why not go for the "best" protection possible you can reasonably afford? I mean, it's the least you can to do invest in your business.

    Funny how agents become penny pinchers when we need to buy something, meanwhile we complain about prospects huffing and puffing about their premium :laugh:

    Just my two cents.
     
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