retired agent e and o still needed???

[PhxSunsFan]

e and o is still needed when writing no new business for years.. but still receiving comm from some carriers like uhc. wellcare etc??

 

[adjusterjack]

How many years since you wrote a new policy?

Are you still servicing existing policies?

Do you have a "claims made" or "occurrence" E&O policy?

 

[Markthebroker]

Yes. While you are no longer selling, a claim could still pop up today from something you allegedly said or did years ago. What you need is something called "tail coverage".

 

[adjusterjack]

Yes. While you are no longer selling, a claim could still pop up today from something you allegedly said or did years ago. What you need is something called "tail coverage".

Right. At least until the statute of limitations for an E&O claim runs out.

 

[myinsurebiz]

e and o is still needed when writing no new business for years.. but still receiving comm from some carriers like uhc. wellcare etc??

$30 a month for E&O - how much are your renewals?

 

[marindependent]

Yes. While you are no longer selling, a claim could still pop up today from something you allegedly said or did years ago. What you need is something called "tail coverage".

this dude is correct. You may create the policy in year one and have a problem and a claim in year eight.

If you are still receiving a commission - I would certainly keep it.

 

[Allen Trent]

e and o is still needed when writing no new business for years.. but still receiving comm from some carriers like uhc. wellcare etc??

receiving renewal or extended earnings isnt necessarily the key point as Many life insurance agents are vested in renewals for 8-10 years after they "retire"

the key is whether you could be sued for a sale and/or service going back and the answer is yes. This is why most E&O carriers offer tail coverage. Some might offer 3-4 years of E&O coverage after retirement for 2 year premium price, etc.

 

[Allen Trent]

What you need is something called "tail coverage".

sounds like something the old timer insurance agents asked their buddy for. Give me some tail coverage & keep an eye out for my wife while I chase this tail

 

[annon123]

receiving renewal or extended earnings isnt necessarily the key point as Many life insurance agents are vested in renewals for 8-10 years after they "retire"

the key is whether you could be sued for a sale and/or service going back and the answer is yes. This is why most E&O carriers offer tail coverage. Some might offer 3-4 years of E&O coverage after retirement for 2 year premium price, etc.

I would think the other thing that would matter (for how many years you need this) is the statue of limitations in your state and the state you sold the insurance policy in; whether or not if you are still getting a commission matters for that (thus still receiving a benefit from the policies sold), etc. Probably be worth, if someone in your state (or the insurance company holding the client's policy) doesn't have a definitive answer, to ask an attorney.

The other thing that would matter is the exposure of your personal assets (vs your agency "company" ones). This would depend on how you legally set up your agency (and if you are maintaining that agency even if is isn't conducting business). For example a sole proprietorship, although easy to set up, means you can lose the shirt off your back and your family's collective backs if you get sued and lose and whatever you have for coverage doesn't cover all the judgement. Limited partnerships give you more protection for your own assets (but not the business assets). Your local Small Business Administration can give you advice about the pros and cons (liability/asset exposure, taxes - yours and that of the business, government crap each year you have to do, etc.) of each legal entity for your agency.

 

[WinoBlues]

sounds like something the old timer insurance agents asked their buddy for. Give me some tail coverage & keep an eye out for my wife while I chase this tail

Tail Gunner covering your Assets.