What Does the Future Hold for Insurance Agents’ E&O?

October 13, 2006

  • October 13, 2006 at 4:08 am
    Y. Solides says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    It may be just as well if insurance agents started thinking of setting up amongst themselves a captive mutual insurance company for this type of cover

  • October 13, 2006 at 7:13 am
    Truth says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Don\’t worry Nancy. Walter is a lecturing butt hole that took your legitimate comment about your rising E and O cost and used it to attack your professional conduct. Don\’t even reply to that butt hole.
    Just my ten dollars.
    Don,t even bother answering Walter because I know how stupid you are.

  • October 13, 2006 at 7:43 am
    LL says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    \”My premium rose to $$$$ and I never even filed a claim \” should never be uttered by an insurance agent. The answer to that question is something you provide to your insured.
    The answer to your question is contained in your renewal questionnaire.

  • October 13, 2006 at 8:04 am
    Hal says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Having read so many subjective (and some vitriolic) comments, I am disappointed in not seeing a single, objective mention of current industry loss experience and trends. Can some knowledgable underwriting source provide some meaningful information in this regard?

  • October 13, 2006 at 10:08 am
    Nancy says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Our agency\’s premium is $4,390.00. We\’ve never filed a claim. We are a small agency. I\’m not sure why we are paying so much!

  • October 13, 2006 at 11:32 am
    Lisa says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    $2500….$4500….I am sorry, that sure doesn\’t seem like alot of money to pay upfront in return for the promise of defense monies of probably $500,000, or perhaps $1 million. Insurance agents should be slightly more sophisticated insurance buyers than the average customer, don\’t you think? After all, if price is your main consideration, then I suppose you will get what you pay for.

  • October 13, 2006 at 12:51 pm
    Mark says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Allstate agents have it good. They have a special program through Calsurance. Average E&O for an Allstate agent is about $800 a year for a million in coverage. And that with only a $500 self insured retention.

  • October 13, 2006 at 1:30 am
    Nancy says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Insurance Agents are consumers as well as our customers. Because we work in the insurance industry does not prevent us from being \”smart\” shoppers and/or informed consumers. When you run a business you check to make sure you are getting the most competitve rates for all of your services. As far as your comment regarding price, if anyone in my agency ever said to a customer \”if price is your main consideration, then I suppose you will get what you pay for,\” they would be fired.

  • October 14, 2006 at 1:35 am
    Truth says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Not true.

  • October 13, 2006 at 1:45 am
    Walter says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Well, Lisa does have a point-the only thing you mentioned was price-you didn\’t mention the quality of the carrier, if the form was competitive,if the carrier has expertise in Agents E&O or how well the carrier defends and pays claims.
    Seems to me that we as insurance professionals are supposed to present all of these things and help an insured make a good decision Nancy.
    There might be fewer E&O claims if we did all of this with consistancy.



Add a Comment

Your email address will not be published. Required fields are marked *

*