E&O - What's happened to rates

[Bill S]

It's time for renewal and my carrier has more than doubled my rate (no claims - they blame 9/11) Anyway, I'm used to paying 500-750 for 1 mil coverage. Does anybody have any suggestions on where to go for a reasonable quote.

Thanks

 

[Dave Smith]

Bill:

I just bound $1,000.000 coverage with FREA for $830, with $1,000 deductible & prior acts coverage back to 1987.

I applied by mail 3/26/02 and got the binder today by fax.

Safeco dropped me because I had a good year last year, (revenue up more than 20% compared to an off year in 2000), with no claims. :x Go figure.

Go to: frea.com

 

[Ben Vukicevich SRA]

Bill,

Try Intercorp of Ephrata, PA 800-640-7601. Ask for Diane Beans

My policy effective 1/1/2002 until 1/1/2003: $1,000,000 with $1000 deductible, prior acts retroactive to 1/1/80 was $594.14

Ben

 

[Dee Dee]

I just renewed my policy with Hobbs Group, and unhappily paid $761 for $1,000,000 coverage with $250 deductible on each claim. Never had a claim yet but last year the premium was only $575. I didn't have time to shop around before my policy was to expire so I figured I was probably paying too much. Judging by what some of the others have posted I guess I didn't do too badly but rates are also tied to income so some of the others may be in a higher range than I am.

 

[Farm Gal]

:lol: :lol:
My contact at one of the liability insurer companies stated that E&O is the most expensive "work permit" you will ever buy....

Is anyone but me concerned that it appears more and more that the lenders are seeking to limit thier liability by seeking to insure deeper pockets (E&O) for all their 'suppliers'?

Which means folks in case you can't do the math yourself: that we will ultimately be footing the lender's idiocies??? :evil: :evil:

 

[Tim The Enchanter]

Which means folks in case you can't do the math yourself: that we will ultimately be footing the lender's idiocies???

I think we already are footing the bill, if not via E&O, then via Uncle Sam and your state gov.

Tax Time. :evil:

 

[bobburnitt]

Solution: Don't carry the damn stuff!!!!!!!!

The client demands E & O to cover his a** after he has pressured you to make value.

The reason (I believe) some clients won't hire appraisers who don't carry E & O is that people who don't have it (in theory at least) have to be careful.
BB

 

[Mountain Man]

No, just broke and don't have nuttin to begin with. Been there before, didn't alway have E&O.

 

[Paulette in Texas]

Dear Fellows: Guess what? Who said you have to have $1m? Try the minimum: $300k. Call me cheap. We have all the usual national clients and of course, they want the max. My reply to them was: "no problem, just pay us more and will do." Otherwise: the typical home is $80-$300k. We make an "innocent error," okay, then we have E&O to help cover that. They want to win the lotto, then take a hike and find some other sucker. We produce a really great and supportable product. We are not in this business to either subsidize lenders nor cover some jerk looking for lifetime checks. Let's face it. If we make an error and we have done good work from the get-go, then what are they talking about? Typo's? No, they are looking for insurance coverage to make it worth their while to come and sue you for. Thanks, we'll stand behind our work. We'll support it. But we won't be their target. Never forget the truly old timers who related that: "they only sue, if you have coverage." Makes you think they might have had a point. As for me and mine, will go along but only up to the point: $300k. The attornies will get most of it, if it ever comes to it, so they can just fight over the crumbs. Paulette in Tx
go w...
Rotts rule and Shih tzus doing great.

 

[bobburnitt]

Right on Paulette,

I have been told by attorneys that E & O is just a lawsuit magnet.

BB