Rockwood E&O Insurance NONRENEWAL

[MIGA1626]

So rockwood non renewed me for 1 claim that was only 15k. It is the only claim I have ever had in 8 years of business. Is this normal? I am very angry. How can they non renew me for ONE CLAIM. Ridiculous. Does anyone have any recommendations for good quality companies?

 

[Allen Trent]

It is the only claim I have ever had in 8 years of business. Is this normal?

No, that is not normal, most agents 8 years in the business have not had $15k in paid E&O

Is it possible that the circumstances & details of this specific claim caused them to question your business practices & processes & thus chose to non renew

 

[Markthebroker]

So rockwood non renewed me for 1 claim that was only 15k. It is the only claim I have ever had in 8 years of business. Is this normal? I am very angry. How can they non renew me for ONE CLAIM. Ridiculous. Does anyone have any recommendations for good quality companies?

Are you certain that's the reason? Lately carriers are non renewing left and right whether you've had a claim or not. Having a claim is just one more way they can non renew.

I've been seeing carriers non renew for very, very petty reasons. The real reason is that many of them want out of the market, but often they'll use whatever ruse they can find.

 

[MIGA1626]

The reason in the thing they mailed me was "claim activity". I haven't actually talked to anyone yet. Their lawyer even said that the way I handled the claim was the best way possible, that my procedures were perfect, and that there was nothing I could have done to prevent it.

 

[Markthebroker]

The reason in the thing they mailed me was "claim activity". I haven't actually talked to anyone yet. Their lawyer even said that the way I handled the claim was the best way possible, that my procedures were perfect, and that there was nothing I could have done to prevent it.

Roughly what were your annual premiums?

 

[MIGA1626]

8 mil

 

[MIGA1626]

If you meant e&o premium I pay for the agency it was 7500$ last year. I was budgeting for 10-15k this year for agency growth and hard market.

 

[Markthebroker]

Again, carriers are pulling out of the market left and right. Try to not take it personally.

I've heard good things about Chubb and Napa.

Stay away from Philadelphia. Stay far away.

 

[MIGA1626]

Ok good I will check those out. As you guys know.... I'm extremely paranoid. I just want to make sure I can get e&o before end of December. It's creepy to me knowing that my e&o carrier can in theory pull the rug out from under by business and income.

 

[MIGA1626]

Another issue that I think I am going to run into: We do a lot of commercial and a lot of speciality/E&S/Risk Purchasing group placements in addition to large group health so we are a heptagon shaped pegged trying to go through a round hole.