Can you share what companies you have your E&O with? I'm looking for a new company, have been with General Star for many years,last year paid 550.00-
the new Broker is a * M xxxxlim, and the price has shot up 215.00 for renewal to 765.00- I think that's way too high for a one person office-

I think it all depends on what type of transactions and how many you are doing. Try CresDirect.

Contacted Cresdirect and found out that is the same muslim guy I spoke with- no way Jose..........did find somone who is considerably less however at schinnerer.com- melissa- ie: 265.00 less!

I'll take your $750 E&O from them. Pay $1,200 for 1 man office.

I don't know specific annual terms, but our office has a 1 million dollar policy with zero deductable. About 20 agents pay into it, at about $14/month. That works out to around $3360 per year (just under 300 per agent) I think my broker has called in 1 claim in 12 or 13 years.

I think the policy is arranged somehow through RE/MAX international.

Doin- My personal contribution to e and o in our office is 2200 a yr. There are approx 50 agents in the office. There is a HUGE deductible to boot.

I remember when it went from 12 a month to 14 a month. People complained. It looks like we are getting an awesome deal. I think he is grandfathered in though. I bet he could not get that coverage starting out.

The disparity b/w policies is enormous.

My broker runs two offices. One is a RE/MAX office and another is an independent office that he owns and runs separately. The latter is the one I "work" for.

He uses the same E&O company for both offices. They are Capital Professional Insurance Managers Inc and can be reached at 301-966-6500. It is a $1,000,000 policy. Since he provides the E&O, I have no idea as to the cost. Good luck!

My broker users Pearl Insurance.

http://www.pearlinsurancebrokers.com/

E&O is very different in each state and per firm. Coverage can very greatly from company to company - low cost isn't always what you are looking for - be sure all activities that you perform are covered. www.pearlinsurance.com

Anyone have any updates on E&O coverage companies? I called some of the companies listed here to try and get my premium down.

One company will not write it because a good portion of our business comes from bpo's. Another won't write a policy for any company involved in CFK's.

E&O can be provided by your broker if requested. As I stated many times before, my broker is on board with not getting involved with the bpo payments, documented in writing in FL.
Each broker has a different business model created by the broker. If your business plan and brokers business plan clash as to % paid or deducted from your work, I would suggest finding a broker you can come to terms with. It's not a simple, cut and dry situation especially if you work with a competing broker.

I could be wrong, but I doubt that E&O for notary will cover licensed real estate activities. Policy premiums are based on the specific industry and associated liability risk. Personally, I think many insurance products are a scam. For example, some posters on this forum have found that in some cases E&O and general liabilty policies have duplicate coverage, but of course the insurance reps don't tell you that.

Like I said, it as been accepted at all BPO co's in the past 5 years.

E&0 coverage for a notary will clearly not cover your real estate activities. Your broker will have E&O insurance for the practices of his brokerage which covers the services you provide as a bpo provider. Of course you do not have this because you have previously stated your broker is not aware of your bpo activity because you arrange payment directly to yourself despite the Florida regulations which cleary detail all payments must go through your broker.
Just because bpo companies apparently do not review your E&0 and determine it does not cover real estate activities this doesn mean you are covered or legit..amazing what you get away with...direct payment from bpo companies despite florida regulations prohibiting this practice E&O policies non applicable to real estate...man you are going to get busted!

that is completely irrelevant. the BPO company is not in a position to evaluate your policy, based on a policy number you provide to them.

does Florida law consider BPO work to be a "licensed activity?" some states allow unlicensed persons to perform BPO's. However, BPO clients usually require licensing for this activity, regardless of statute. that is a private/contractual requirement, not a statutory requirement.

I am sure Stew will chime in here and explain how he is "entitled" regardless of what arrangements other brokers are willing to make under their business model with agents.

I am the broker of a small shop. Just shopping around for a lower premium.

Agreed. I can't believe that notary E&O insurance would cover real estate activities.

I am a Broker and a Notary. Notary E/O insurance absolutely does not cover you as an agent. And to pass Notary E/O off as your real estate E/O simply because the BPO company doesn't see your declarations page/policy is unethical, among other things.

You all realize that BPO companies and asset managers read these posts don't you? The day will come when the BPO companies are going to ask for a copy of your policy. Then what will you do? Show them an E/O policy from the National Notary Association?

Bypassing your Broker for BPO payments and now passing off notary E/O as your real estate E/O. Good gracious.

What's next? Carrying around a fire extinguisher and calling yourself a fireman?

Jersey guy, don't always think everyone is being dishonest. Everything is fully disclosed ( all pages, all documents ) and is the decision of the companies and brokers I deal with to handle things the way they do. Nothing is forced upon them and nothing is hidden. IT's not Jersey here yet !

To the Fl law question, yes fl regulations define BPO's as the practice of Real Estate and also state we can be compensated to perform them. Fl law also states the all fees for real estate services must be paid to the broker who then distributes to the agent.
I do realize many bpo companies will pay agents directly bypassing the brokerage if they complete their application indicating this. BPO companies do not keep up with regulations in the 50 states and which ones allow payment directly to the agents and which ones dont. The agent receiving the payments for service is in violation not the BPO company. Making the argument that they pay directly so it must be acceptable as BPO master has previously stated is silly.
Pretending that supplying and E&0 policy as a notary for E&O insurance isnt fraud is also...way more than silly

Stew, I am not going to have my broker arrested for fraud as you indicate. It is all legal, disclosed and has all been discussed with each bpo company. Don't you have a form you sign for direct payment to your agents at a closing ? Same difference, all reported, recorded and paid tax on to uncle Sam.

Jersey guy? You really do need to get your facts straight on more than just real estate.

With that said, I hardly think you are representative of the good realtors in the Sunshine State. I am glad you're on this forum. It offers others an opportunity to see how things are done in this business: the right way and your way.

Stew is correct. The BPO companies do not know the laws of each State nor should they. These companies rely on us to know our own REC Rules and Regs. By the way, I called the Florida REC. They told me you were breaking the law by not getting paid through your broker for BPOs regardless of what agreement you have with him/her. You can divulge all you want. It's not legal. And to use notary E/O is a deceptive practice.

Jersey Gal

Jersey Shore,
I am honored that you have the time in NJ to worry about FL business, you must have much time on your hands. Thanks for caring , I made that same call and was told differently. Pardon the mistake of your gender, I assumed by the masculine postings, you were male. Thanks for setting the record according to your rules on this matter. Go Jersey Shore !

I think I will divulge to my broker that I am not going to pay the IRS taxes anymore. I've had it with them as they always fail to spend the money wisely, no matter who is in charge.

Ok, back to the E&0 issue. If your broker is aware you are completing BPOS then just ask him for his E&0 policy to submit to your bpo companies; no need for you to fraudalently submit a notary E & O policty; you can save your money..

Face it guys, they're dug in on their position. To use the argument It's an E&O policy would be no different then using this argument; A police officer asks for a license and you produce a marriage license. One would not be suprised if one's hollow pleading to the judge was "I gave him a license". One of the reasons there are so many smart folks on this earth is due to the fact that some have cornered the market on dumb. The reason some are at the top of this industry is because the bottom is so very far down.

Apology accepted. I'm sure you thought the famous authors George Eliot and Currer, Ellis and Acton Bell were also men along with A. M. Barnard. Happens all the time. Women write well, people think they're men.

Just to set the record straight, I don't worry about "Florida business." I am, however, concerned about the BPO/Real Estate business as a whole as are many other posters on this forum. That's why I make the time to check my facts first. (Hint Hint)

Regarding the "Jersey Shore" you should know 7 out of the 9 cast members are from New York/Staten Island, not New Jersey.

Lastly, you probably should change your name to BPOMister since the word "Master" is typically used when one has expertise in a certain field, i.e., Master Plumber, Master Carpenter, Master Plumber, etc. ..........well, you know where I'm going with this what with the way you write and all ...............

Have a nice night Mister BPO. We'll banter on another subject.

Jersey Attitude,

You must be a pistol to work for, or not. Try talking to people directly, not down to them. The results are amazing in business. Are you insinuating that NJ people are any different from NY people ? Sure hope not! lol
Let's try to keep on topic or perhaps you can create a new thread "Women write well, people think they're men"
I make this mistake all the time online as well as in person.

BULLETIN: U.S. house prices decline in December: S&P/Case-Shiller

In a sign of renewed weakness, 4th-quarter home prices fall 4.1% on an annual basis, Case-Shiller says

Or you could create a new thread called Deceit, Lies and Videotape ;-)

Have a great day and I look forward to your future, "informative" posts.

adjust your application-

General Star (Warren BUffet) $ 550- 5,000 deductible- 1 person- it depends on your income, and if more than 50% is from BPO's, you won't find anyone who will byte!

Thanks. I went to their website and they also have the disclaimer that if you engage in CFK, you're not eligible to apply. This is something new I'm seeing on E&O applications, so heads' up to all.