Thanks for your input.

per transaction for my agents, it works out best for everyone in my opinion

per transaction which feels fair because the more deals each agent does the more the chance that they'll need the E&O company to step in

I charge a one time yearly fee payable on their anniversary

What about agents that perform BPOs? How are they covered under E&O?

Our E&O is not determined by how many transactions are done, and where I work every agent is responsible for paying it themselves annually.
I have seen endorsements for appraisals for someone who has a RE license, maybe BPO's are looked at like CMA's?

Our broker offers both options. Some agents choose per transaction (most do) and a few choose a monthly E&O fee. We pay the monthly as it's less expensive for us because of the number of transactions we do.

I have been trying to determine if I want to continue the $30 per transaction OR take the yearly prem, which at our office is running abut $2,000 gradn a year for $500,000 limit with aobut 14 agents. Is it fair that an agent that is working pays MORE than an agent who does 1 or 2 deals a year. I have come to the conclusion NO!!.. The agent that does one a year should, in my opinion, NOT be in our business, refer your business and go get a job. They need more help and probably are MORE of a liability because they are not ON TOP of the business like someone doing 20 deals or more a year. In my 17 years I have never but once had to access E & O, and we had NOTHING to do with the deal or the reason for the suit, just because we were one of the agents they threw us in. I will take the yearly prem., in august and divide by the number of agents and EVERYONE will pay equally.

I'll add to what pikes peak posted about E & O insurance in Colorado. Not only does each agent have to usually pay for their own, but each office has a seperate policy. It doesn't cost very much per year so that cost is almost never passed on to agents in that office. I'm to lazy to find out what I paid for my office policy this year, but it's in the low hundreds. So if an agent gets in trouble they will not only have their own E & O insurance, but will benefit from the offices E & O insurance also. Because most of the time when a lawsuit happens the office as well as the individual agent is named. Which is why the office has to carry a seperate policy.

We pay per month which based on our current plan is about $45 per month. I have often thought about the per transaction scenario. If anyone does atleast a minimal amount of business (1-2 transactions per month), you would end up paying in more. So I am not crazy about this version either.

i pay 190 per year

pretty cheap if you ask me. 20 deals cost me less than 10 bucks per deal. the deductable is 5k (i am pretty sure). and i cant remember what the limit is.

Annually is the way to go to insure that there is coverage in place at all times. I know CAR and TAR have very good discounts worked out for their members.

Our E&O is once a year - $268 per year, due each September. The policy also covers agent-owned transactions as well.

sunshine shanon