How much do YOU pay for E & O Insurance?

By
Real Estate Broker BRE# 00909239
http://actvra.in/42k5

How much do YOU pay for E & O Insurance.

Having worked for Coldwell Banker Real Estate for the past 27 years, I've paid an annual E & O insurance premium directly to the Brokerage every year. Coldwell Banker has four in-house attorneys and we receive annual training on how to avoid being sued.  

Coldwell Banker Sign


This year our E & O insurance is a total of $1665.00,
regardless of the number of transactions completed. When I first started with Coldwell Banker in 1986, I believe the total was $600.00.


Apparently, our Coldwell Banker Legal Assistance Program is NOT insurance...
"It provides defense, indemnity, legal education, transactional advice and other services".   

 

As I approach the deadline for payment, I'm just wondering...
 

How much do YOU pay for E & O Insurance?

Do YOU pay it all at once or per transaction?

How good is YOUR E & O Coverage?  


At Coldwell Banker, our attorneys average over 20 years of experience
and have successfully defended thousands of claims and lawsuits against Coldwell Banker and Sales Associates.  

Coldwell Banker will pay All of our defense costs, any settlements, arbitration awards or judgments.  Our only fee is the annual Legal Assistance Program cost of $1665.00.  Is that too much for what we get or is it about right?

How much do YOU pay for E & O Insurance?  

 

Your feedback and comments are greatly appreciated.

 

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Comments 38 New Comment

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Rainmaker
398,363
Richard Yates
Because Experience Matters

Hi Hella, I'm very glad that this post was timely for you.  There certainly are a lot variables when it comes to cost and coverage.  How lucky are you to get to do business in California AND Hawaii.  ;-)  Best wishes always. 

August 29, 2013 12:52 AM
Rainmaker
565,135
David Popoff
Realtor & Property Manager, Fairfield County, Ct.
DMK Real Estate & Property Mgmt

Yikes, that sounds high, here in Ct the companies charge around $400 to $600 per agent.

August 29, 2013 05:44 AM
Rainmaker
398,363
Richard Yates
Because Experience Matters

Hi David, I definitely like the looks of your much lower fees.  Thank you for sharing and best wishes always. 

August 31, 2013 11:31 PM
Rainer
125,652
Raymond Denton
Irvine Real Estate Agent
Irvine is all I do

It's $100.00 per closing at RE/MAX Prestige (that's the Re/max near you, Richard, on the corner of Alicia and Marguerite Parkway's).  Altogether, after paying the franchise fee, you'll end up grossing 90% per escrow.  My Broker's name is Jason Abboud, if you'd like to meet him.

January 08, 2014 12:40 PM
Rainmaker
398,363
Richard Yates
Because Experience Matters
Hi Raymond, Thank you for the information on E & O and commissions at ReMax. I've been contacted quite regularly by a couple of ReMax Managers and would seriously consider ReMax if I ever leave Coldwell Banker. Best wishes always.
January 09, 2014 08:16 AM
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Rainmaker
398,363

Richard Yates

Because Experience Matters
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