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-Blogged 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
Topic:
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Tags:
eo insurance
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ralph gorgoglione
los angeles real estate agent
los angeles homes for sale

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Rainmaker
390,730
Morris Massre
Berkshire Hathaway Home Services - Pembroke Pines, FL
Realtor Broward County Florida

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.

Jul 13, 2010 10:39 PM #1
Rainmaker
238,989
Matt Grohe
RE/MAX Real Estate Concepts - Des Moines, IA
RE/MAX Des Moines

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.

Jul 13, 2010 10:40 PM #2
Rainmaker
373,849
Bob Willis
Berkshire Hathaway Home Services California Properties - Whittier, CA
Whittier RealtorĀ® Sells Homes in Southern Cal

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.

Jul 14, 2010 03:14 PM #3
Rainmaker
828,812
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

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.

Jul 15, 2010 10:55 AM #5
Rainmaker
477,034
Palm Springs Realtor Stewart Penn
Windermere Real Estate - Palm Springs - Palm Springs, CA
Windermere Real Estate - Associate Broker

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.

Jul 15, 2010 11:03 AM #6
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Ralph Gorgoglione

California Real Estate (800) 591-6121
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