I know this question has probably been asked a million times, but I really need some advice.
My brother and I own a mortgage company in Newburgh IN. We have been in business for 11 years, and have been very sucessful in this industry. About a year ago we decided that we wanted to add insurance as a product we can offer our customers.
He got a P&C license, and I got a L&H license, and we got an agency license for both in our corp. name.
We were able to find a good GA for life and health products, and are very happy with them. They provided E&O insurance for any products placed through them at no charge. Since they were the only GA we set up with for Life and Health products all was good.
However, now that we are setting up with a GA for P&C we have run into some trouble with the E&O coverage. The new GA we set up with offers both P&C and L&H products, so when we went looking for E&O insurance we decided to go ahead and purchase one policy that will cover all lines.
The problem is that being BRAND NEW agents we had a very tough time finding E&O carriers that would even talk to us, and now we have gotten 2 quotes that I thought seemed high.
One was for $3012 P&C Only, and no EPLI, and the other was for P&C, and L&H for $3126.00 with optional EPLI for $500.00 Defense Only, and $850.00 Defense & Indemnity.
I have no problem paying these amounts if this is customary, I just thought these amounts seemed a bit higher than I had anticipated.
Can anyone shed some light on these amounts, and if these are in fact high, can someone point me in the direction of an E&O carrier that will insurance NEW agents, for a more resonable amount?
Again, our agency is in Indiana.
Thanks,
Jason Brown
My brother and I own a mortgage company in Newburgh IN. We have been in business for 11 years, and have been very sucessful in this industry. About a year ago we decided that we wanted to add insurance as a product we can offer our customers.
He got a P&C license, and I got a L&H license, and we got an agency license for both in our corp. name.
We were able to find a good GA for life and health products, and are very happy with them. They provided E&O insurance for any products placed through them at no charge. Since they were the only GA we set up with for Life and Health products all was good.
However, now that we are setting up with a GA for P&C we have run into some trouble with the E&O coverage. The new GA we set up with offers both P&C and L&H products, so when we went looking for E&O insurance we decided to go ahead and purchase one policy that will cover all lines.
The problem is that being BRAND NEW agents we had a very tough time finding E&O carriers that would even talk to us, and now we have gotten 2 quotes that I thought seemed high.
One was for $3012 P&C Only, and no EPLI, and the other was for P&C, and L&H for $3126.00 with optional EPLI for $500.00 Defense Only, and $850.00 Defense & Indemnity.
I have no problem paying these amounts if this is customary, I just thought these amounts seemed a bit higher than I had anticipated.
Can anyone shed some light on these amounts, and if these are in fact high, can someone point me in the direction of an E&O carrier that will insurance NEW agents, for a more resonable amount?
Again, our agency is in Indiana.
Thanks,
Jason Brown
