Are you happy with your E&O Insurance?

By
Real Estate Agent with John Aaroe Group BRE #01708344

Are you happy with your E&O Insurance?

E&O Insurance (Errors & Ommissions Insurance) varies from one broker to another, not only in just premium price, but in format.

Some brokerages charge their agents on an annual basis, others charge on a per-deal basis, and yet others may take a different approach.

How is your E&O Insurance billed?

Are you happy with your policy?

 

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Richard Ruggaber 07/15/2010 10:51 AM
  2. Rose Osman 07/15/2010 10:19 PM
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Topic:
ActiveRain Community
Location:
California Los Angeles County
Groups:
All Real Estate - Today & Tomorrow
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Tags:
eo insurance
errors and omissions
ralph gorgoglione
los angeles real estate agent
los angeles homes for sale

Comments 5 New Comment

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Rainmaker
373,173
Morris Massre
Realtor Broward County Florida
Berkshire Hathaway Home Services

I wouldn't know anything about my e&o insurance if it crawled up and bit me on the ass.  In my 13 years in the business I've never seen my policy. But I continue to pay into it on an annual basis.  Otherwise, I can't practice.

July 13, 2010 10:39 PM
Rainmaker
238,540
Matt Grohe
RE/MAX Des Moines
RE/MAX Real Estate Concepts

Ralph: E&O covergae is required for licensure in our state. They're really cracking down on it. Policies are sold annually. I've never had to use it but it's pretty affordable at about $180yr.

July 13, 2010 10:40 PM
Rainmaker
366,963
Bob Willis
Whittier RealtorĀ® Sells Homes in Southern Cal
Berkshire Hathaway Home Services California Properties

Mine seems reasonable to me.  My broker charges per transaction.  My previous broker had the gaul to charge $1495 per year.  Like Morris, I have never seen the policy.

July 14, 2010 03:14 PM
Rainmaker
808,389
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

No, I really don't like the deductible which is decided by the company I work for.  We pay 1 time yearly on our office bills.  Mine is $365.

July 15, 2010 10:55 AM
Rainmaker
475,888
Palm Springs Realtor Stewart Penn
Windermere Real Estate - Associate Broker
Windermere Real Estate - Palm Springs

I've discovered that many large brokerages charge their agents an annual E&O Premium regardless of the number of transactions they do .... and if they leave that brokerage before the full year is up, they forfeit the balance paid for that year.

As an independent brokerage, I have negotiated a favorable premium with my State-Approved Insurance Company.

July 15, 2010 11:03 AM
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921,778

Ralph Gorgoglione

California Real Estate (800) 591-6121
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