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 Posted: Tue Aug 04, 2009 10:13 pm Post subject: the Ticking E&O Time Bomb |
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This issue is HUGE and in this turbulent market we would all have to agree that there is little to no room for error.
Creating a coverage gap can be detrimental to your business. Make sure and avoid at all costs!
Post edited and link deactivated as per forum rules, thanks. |
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imccarty26
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Joined: 30 Jul 2009
Posts: 3
5.94 Dollars($)
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| Posted: Wed Aug 05, 2009 1:34 am Post subject: |
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I personally am not aware of any professional liability contracts that will extend coverage to a loss that occurred prior to the policy date of the contract. Claims-made policies normally have "retroactive dates" or other exclusionary language that will not cover losses that happened before the current policy period. The exception to that would be an extended reporting period in the policy that allows claims to be made after expiration of the current policy period. Occasionally for a start-up professional, there would be no retro date as the practitioner wasn't in business before the policy took effect, and this would technically cover someone for their past. That's about all I can think of.
Years (and I mean years) ago, come carriers would extend coverage for a short period of time prior to the policy's effective date, but methinks that's a thing of the past.
Now, if I'm wrong, please correct me. Anyone else out there deal with E&O and other pro liability stuff? Chime in!
InsTeacher  |
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InsTeacher
Moderator
Joined: 13 Aug 2007
Posts: 1331
Location: Oregon, USA
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| Posted: Wed Aug 05, 2009 7:46 am Post subject: |
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Hi imccarty26,
It's quite true that today we have little to no room left for errors. But then, even when it's not an error on the part of the professional, it could cost him thousands of dollars just to defend a lawsuit. An individual or say a small company may even call for bankruptcy under such circumstances (even when the allegations could be baseless..). Roddick |
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roddick
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Joined: 05 Oct 2005
Posts: 962
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| Posted: Wed Aug 05, 2009 5:58 pm Post subject: |
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| have you heard of "preferred risk" e&o insurance? |
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imccarty26
New member
Joined: 30 Jul 2009
Posts: 3
5.94 Dollars($)
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| Posted: Thu Aug 06, 2009 2:12 am Post subject: |
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| I have my E & O coverage at 1 Million dollars and it is auto-drafted from one of my accounts. I think it costs about $50 a month, but I've never really shopped around for it. What is "Preferred Risk" E & O coverage? |
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ChrisBantly
Senior member
Joined: 11 Mar 2009
Posts: 381
Location: Upstate SC
0.52 Dollars($)
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| Posted: Thu Aug 06, 2009 8:55 am Post subject: |
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Hey Chris..
I've heard that E&0 which falls into the preferred-risk category would help reduce your premiums by 20-50%.
I guess if you've enrolled in this program, you'd only need to pay premium which is proportional to the risk associated with your profession. This might be beneficial for the low-risk professionals.
What do you think? Pinkfloydfan
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Pinkfloydfan
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| Posted: Fri Jan 08, 2010 9:43 pm Post subject: E&O Insurance For L&H Agents |
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Try NAPA Direct E&O for $475 a year.
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HL_Agent
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