E and O question

[Steer]

Hello gang,

I'm applying to a lender that I have completed work for in the past, and they are asking to be added as a certificate holder on my E and O. When questioned they said that their name should be added at the bottom of my binder.

Sound unusual?

I have left several message for my provider, but it's after hours for them.

Anyone have this request?

Thanks,

STEER

 

[Couch Potato]

Hello gang,

I'm applying to a lender that I have completed work for in the past, and they are asking to be added as a certificate holder on my E and O. When questioned they said that their name should be added at the bottom of my binder.

Sound unusual?

I have left several message for my provider, but it's after hours for them.

Anyone have this request?

Thanks,

STEER

No problem, just as soon as they add you onto their company health insurance policy.

 

[Steer]

haha, no doubt CP.

This is by far the strangest industry that I ever worked in.

I would have stayed in sales years ago if I didn't keep getting rewarded by having my commissions slashed due to exceeding quotas. I generally walk around with a question mark over my head!

I swear it's always something

 

[Steer]

Found out what is was. The lender wants their name on the certificate as a contact in case my coverage is cancelled or lapses for any reason. I talked to a couple of appraisers about this and it seemed to be typical

 

[Couch Potato]

Sounds like your talking about having an ACCORD certificate issued to them with their name on it. Yes, that is a fairly standard type of thing and your agent should handle it without a problem. That would serve as their proof they did their part to be sure you were insured at the time of service no matter what the future holds.

 

[JRS at OBX]

I've had that request in the past and told the potential client to kiss my butt. My insurance is for MY protection, not theirs. It is not any of their business how much my insurance is or even if I have insurance.

Most clients that have requested this have changed their minds once enough appraisers decline.

They don't own you and by bowing to these kinds of requests, they start to think they do.

I will not add a client to my insurance, I will not give them the key to my front door and I will not give them my childs social security number.

 

[Terrel L. Shields]

I don't mind if they want to be notified if I drop it. I won't agree to add them as "additional insured".

 

[Couch Potato]

When you have your agent issue an ACCORD certificate with the clients name on it, you don't make them an additional insured. You are merely providing the standard proof of insurance form to them. Having the form addressed to their company proves they checked. It's the same form you would get from a contractor you hire to work on your house, or anyone else you hire who should have insurance.

 

[Steer]

When you have your agent issue an ACCORD certificate with the clients name on it, you don't make them an additional insured. You are merely providing the standard proof of insurance form to them. Having the form addressed to their company proves they checked. It's the same form you would get from a contractor you hire to work on your house, or anyone else you hire who should have insurance.

CP, That's what my E & O said. They actually get this request often from banks and larger lenders, they told me. They took care of all the information, and sent it to the lender.

I wouldn't have done this if it were not for the fact that I have gone out on my own and used to do a good volume with this lender.

They're fast payers and don't pressure for anything