E & O Insurance

[Mike Boyd]

I have General Star through www.landy.com
You dont have to pay any fees to sign up. Prior work is covered under policy.

I have 500,000/1,000,000 E&O insurance for $572 per year.

Beware! My renewal comes next month with a $300 fee increase. I will not pay that much and waiting for a quote from State Farm.

 

[Betsy Magnuson]

What state are you from and do you know why your premium is going up?

 

[Brockway]

I have General Star through www.landy.com
You dont have to pay any fees to sign up. Prior work is covered under policy.

I have 500,000/1,000,000 E&O insurance for $572 per year.

Mack, would you be willing to share the deductible? I just applied to PLCSI to upgrade my coverage to 500,000/1,000,000 but was told they do not offer it and said I had to have 1,000,000/1,000,000 (which does not make sense because I have a friend who just renewed her policy with them for the coverage I requested). The underwriter is concerned that I am making this request mid-term and said I will probably have to up my deductible to 5,000 from 2,500 even though I have never had a claim. They may also add a Regulatory Exclusion, whatever that is. The rep cannot even give me a fee quote until the underwriter makes her decision so I don't even know if it is financially feasible yet.

I have been with PLCSI for over 7 years but I am not pleased with them right now and may go elsewhere when my policy expires in the summer. I have only one client who is requesting a 1,000,000 policy so I'm not going to spend a lot of money to upgrade my current policy for one client who cannot guarrantee me any work.

 

[acero97989]

I live in Az and there website says it is around $546 for 500,000/1,000,000 policy. I am still confused though, if someone request for me to have a million dollar policy will it cover it????

 

[Mack McClain]

Mack, would you be willing to share the deductible? I just applied to PLCSI to upgrade my coverage to 500,000/1,000,000 but was told they do not offer it and said I had to have 1,000,000/1,000,000 (which does not make sense because I have a friend who just renewed her policy with them for the coverage I requested). The underwriter is concerned that I am making this request mid-term and said I will probably have to up my deductible to 5,000 from 2,500 even though I have never had a claim. They may also add a Regulatory Exclusion, whatever that is. The rep cannot even give me a fee quote until the underwriter makes her decision so I don't even know if it is financially feasible yet.

I have been with PLCSI for over 7 years but I am not pleased with them right now and may go elsewhere when my policy expires in the summer. I have only one client who is requesting a 1,000,000 policy so I'm not going to spend a lot of money to upgrade my current policy for one client who cannot guarrantee me any work.

Deductible $500 each claim / $1,000 aggregate

 

[Brockway]

Deductible $500 each claim / $1,000 aggregate

Thanks, Mack. I'll be contacting your company.

 

[Jerry Still]

On the advice of legal council, I will not confirm or deny the existence of having a E & O insurance policy.

I've had very few broker/LO's ask for it (maybe 3 or 4 in 18 years. And...I've never performed an appraisal for a AMC and don't expect I ever will. Unless its full fee with a 5/7 day turn time on a pdf, and there will be an additional $50 fee for e/o...if I can fit it in between going fishing that week. To many if's to worry about it.

JS Semi-retired and living in Paradise

 

[acero97989]

Most AMC's want you to have $1,000,000 coverage, from what I hear!!

 

[Ed Woodruff SRA]

Thanks, guys (and gals) for all your help - I did go ahead ang get the GenStar policy - I got a million dollars of coverage for about $600 - retroactive to 1988 (like my old policy). I, like you, hope I never have to use it.

 

[Mack McClain]

Did you go through Landy?