Told by big I? You got your E&O from fireman's fund or w/e other carriers they have a partnership with? Most policies, including fireman's, I've seen exclude coverage when the claim is due to carrier insolvency. The policy then makes some exceptions - being rated B+ by AM best, eligible for state garranty fund or in a residual market. So as far as I can tell, most if not all non rated and RRGs are excluded.
Like accc or assurance america ---------- The sort of customer you place with these carriers is not the type who has much in the way of assets who would go to court for them. Even in the case of insolvency, Their 15 year old car would barely go over your retention anyway. May as well pay that out of pocket and save court costs. I realize there are a million loopholes your e&o could deny paying a claim anyway, but I've been told by big I that my e&o still covers insolvency by any of the NR carriers I represent, but that it might not for a carrier like UPC. Which isn't an issue for me.
why would you try to get appointed to carriers that are not rated? I don't know how comfortable I feel about getting a carrier that has possibility of going bankrupt. how long are customers going have to wait to get their money if they become insolvent and taken over by receivership through the state?
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Bigsteve, Just check our e&o policy and only carriers that are rated b+ or better is covered. I recommend you go check your exclusions section of your e&o policy.
why would you try to get appointed to carriers that are not rated? I don't know how comfortable I feel about getting a carrier that has possibility of going bankrupt. how long are customers going have to wait to get their money if they become insolvent and taken over by receivership through the state? ---------- Bigsteve, Just check our e&o policy and only carriers that are rated b+ or better is covered. I recommend you go check your exclusions section of your e&o policy.
who do you have your policy with? I might switch considering mines have a stipulation that it will be only covered if it's a B+ rated or better A.M. Best company. I checked my mines and Demotech isn't accepted.
who do you have your policy with? I might switch considering mines have a stipulation that it will be only covered if it's a B+ rated or better A.M. Best company. I checked my mines and Demotech isn't accepted.
It is one of my requirements for E&O being in a coastal stateMike Di Loreto| Insurance By Design|www.ibdpro.com JDI Insurance By Design Agency, LLC. CA License #0H64802
4230 LBJ Fwy | Suite 222 | Dallas, TX 75244 | Main: [email protected]| Direct: 972-432-6574 |F: 214-217-2548
