E&O Insurance

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Mar 15, 2007 11:17 am

Any of you guys have to pay for your own E&O at your firm?  I am just starting to make some money and now I have to throw down $1800 to renew my E&O for the year.  i know its not much but it is to me right now.


Just wondering how common this is.


Thanks


Mar 15, 2007 11:50 am
StLbroker:

Any of you guys have to pay for your own E&O at your firm?  I am just starting to make some money and now I have to throw down $1800 to renew my E&O for the year.  i know its not much but it is to me right now.


Just wondering how common this is.


Thanks




I paid 2000/year at my old firm and my new firm is 1400/year. 1800 isn't outrageous. It's just a pain in the butt having to pay higher premiums because of the actions of others.

Mar 15, 2007 12:58 pm

This is good information.  Mine is close to $200 a month so I guess i am getting screwed.


Or,  my firm has alot of claims to pay off.


Has anyone ever seen this amount go down?


I guess they jack around with the E/O so they can keep high payouts.

Mar 15, 2007 4:13 pm
vbrainy:

This is good information.  Mine is close to $200 a month so I guess i am getting screwed.


Or,  my firm has alot of claims to pay off.


Has anyone ever seen this amount go down?


I guess they jack around with the E/O so they can keep high payouts.



I have a list of the 50 largest indy firms and there are only seven with higher E&O than yours. I doubt if they are making money off of the E&O, but it's still pretty high.

Mar 15, 2007 7:28 pm

$1,700 per year.



We carry a $20,000 deductible.



C

Mar 15, 2007 7:38 pm

I'm paying $1000 with a $10,000 deductible.

Mar 15, 2007 7:42 pm

$804 /yr. Guess I got a bargain

Mar 16, 2007 12:37 pm

Guys, you're all talking about the prices and ignoring the coverage!  It's like saying, "I bought a computer for $300, you're a sucker for paying $1000".


If ExPropTrader is paying $804/year, I'm guessing his coverage is $1MM/claim with a $1MM or $2MM annual max.


My E&O is about $2050/year, with a $5MM/claim, $20MM annual max.  Deductible's vary based on the size of an individual claim, ranging from $20,000 down to $5,000.  I believe it's through AIG.


What kind of coverage are you guys getting for your money?

Mar 16, 2007 1:34 pm
FreedomLvr:

Guys, you're all talking about the prices and ignoring the coverage!  It's like saying, "I bought a computer for $300, you're a sucker for paying $1000".


If ExPropTrader is paying $804/year, I'm guessing his coverage is $1MM/claim with a $1MM or $2MM annual max.


My E&O is about $2050/year, with a $5MM/claim, $20MM annual max.  Deductible's vary based on the size of an individual claim, ranging from $20,000 down to $5,000.  I believe it's through AIG.


What kind of coverage are you guys getting for your money?



Good point, my coverage is $5MM/claim, $25MM annual, deductibles vary from $1000-$5000.

Mar 16, 2007 1:35 pm

I shouldve been more specific.  Mine is $1800/yr with $2MM in coverage.


Do the wirehouses pay for your E&O?

Mar 16, 2007 3:35 pm
ExPropTrader:
FreedomLvr:

Guys, you're all talking about the prices and ignoring the coverage!  It's like saying, "I bought a computer for $300, you're a sucker for paying $1000".


If ExPropTrader is paying $804/year, I'm guessing his coverage is $1MM/claim with a $1MM or $2MM annual max.


My E&O is about $2050/year, with a $5MM/claim, $20MM annual max.  Deductible's vary based on the size of an individual claim, ranging from $20,000 down to $5,000.  I believe it's through AIG.


What kind of coverage are you guys getting for your money?



Good point, my coverage is $5MM/claim, $25MM annual, deductibles vary from $1000-$5000.



EPT, that definitely sounds like the most competitive policy I've heard of.  What insurance company is it through?

Mar 16, 2007 6:28 pm
FreedomLvr:
ExPropTrader:
FreedomLvr:

Guys, you're all talking about the prices and ignoring the coverage!  It's like saying, "I bought a computer for $300, you're a sucker for paying $1000".


If ExPropTrader is paying $804/year, I'm guessing his coverage is $1MM/claim with a $1MM or $2MM annual max.


My E&O is about $2050/year, with a $5MM/claim, $20MM annual max.  Deductible's vary based on the size of an individual claim, ranging from $20,000 down to $5,000.  I believe it's through AIG.


What kind of coverage are you guys getting for your money?



Good point, my coverage is $5MM/claim, $25MM annual, deductibles vary from $1000-$5000.



EPT, that definitely sounds like the most competitive policy I've heard of.  What insurance company is it through?



Mine is through AIG also.