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#172906 - 09/30/07 07:22 PM Re: Error and Ommissions Insurance costs [Re: Paceryder]
VacationGuy Offline
Member

Registered: 08/23/07
Posts: 390
Loc: SC, US
at the office i'm at we pay about $20 a month per agent

If you really want to know how much it is, call your BPO provider and ask for a quote.

I got a quote a while back and it is based on the production of the office the year before.

My quote I got was for a brand new office with less than 12 agents, the office located in SC and the quote was about $1000 a year

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#175546 - 10/14/07 05:02 PM Re: Error and Ommissions Insurance costs [Re: VacationGuy]
MrsSea Offline
Member

Registered: 07/09/07
Posts: 258
Loc: Washington, DC
I haven't started yet, I need to take my licensing exam. But the broker I talked to said that I would pay a proration of $549.00 So I am assuming that the area where I am, we would be paying quarterly?


Edited by MrsSea (10/14/07 05:03 PM)

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#175566 - 10/14/07 07:20 PM Re: Error and Ommissions Insurance costs [Re: MrsSea]
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2834
Loc: upstate New York
Just got my premium notice for 2008 of $699. That probably doesn't mean much to anyone without knowing the deductible and/or the coverage limit. As for a cost per transaction I haven't a clue as I don't know how many transactions I will have next year.

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#184717 - 12/02/07 11:56 PM Re: Error and Ommissions Insurance costs [Re: Mr. Foreclosure]
Broker Paul Offline
Member

Registered: 11/11/07
Posts: 89
Loc: Ca, Orange/ Los Angeles
CRES --- Bob Cooper $98 per transaction, I am upgrading to regular policy,

Their home warranty is through Land Am and they waive deductible should you have a problem.

Per transaction gets expensive.

I will be getting quotes soon.

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#184719 - 12/03/07 12:03 AM Re: Error and Ommissions Insurance costs [Re: Broker Paul]
staggart Offline
Veteran Member

Registered: 09/18/04
Posts: 930
Loc: Idaho Falls, ID, USA
The policy charge in isolation means little.

For clarity, please specify what your limits are and the deductible, ie. $100,000 coverage and $1000 deductible.

I'll lead off. We use St. Paul. Our policy is for $1,000,000 an agent and the deductible is $1000. It also covers the sale or purchase of property by our agents. A policy for 110 agents runs $16,000.
_________________________
Steve Taggart
Broker
CENTURY 21 Advantage
Southeast Idaho's Real Estate Leader(sm)
The GOLD Standard(sm)
400 W. Sunnyside Road
Idaho Falls, ID 83402
(208) 524-2121
http://www.IFhomes.com
http://www.IFreschool.com
staggart@ida.net

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#186544 - 12/10/07 11:38 PM Re: Error and Ommissions Insurance costs [Re: staggart]
ruv12 Offline
Member

Registered: 09/23/07
Posts: 75
Loc: Northern California
I need to get quotes for E&O. Anyone have contact info and what questions to ask. Thanks!

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#186776 - 12/11/07 09:32 PM Re: Error and Ommissions Insurance costs [Re: ruv12]
Delicious Cake Offline
Major Contributor

Registered: 12/10/05
Posts: 2702
Loc: CA
I bought mine from http://www.cresinsurance.com

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#192520 - 01/10/08 08:17 PM Re: Error and Ommissions Insurance costs [Re: Delicious Cake]
Broker Paul Offline
Member

Registered: 11/11/07
Posts: 89
Loc: Ca, Orange/ Los Angeles
What are annual rates you are paying, In CA, I also have CRES, I am on $98 per transaction,
1 million, 2500 deductible waived if you use their home warranty from land america. covers a couple agents.

That gets pricey quickly.

I use Cres insurnace Bob Cooper

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#192730 - 01/11/08 11:53 AM Re: Error and Ommissions Insurance costs [Re: Broker Paul]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3080
Loc: LAND OF THE FREE!
as an agent i pay 190 a year

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#193165 - 01/12/08 05:12 PM Re: Error and Ommissions Insurance costs [Re: Paceryder]
ColoBroker Offline
Major Contributor

Registered: 11/03/07
Posts: 2346
Loc: Northern Colorado
I use Rice Insurance. I pay $243 a year for my company that I own. I then pay $243 for my personal O & E insurance. My broker associate is under me pays $243 as well for his own policy from the same company. This covers all transactions in a year. So I guess we are fortunate here in Colorado that our O & E insurance isn't as much as other states. Oh and on our policies you can add more coverage if you think you might want to do something illegal in the coming year. Or if you are prone to misleading the public and lying to clients.


Edited by ColoBroker (01/12/08 05:15 PM)
_________________________


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#197633 - 01/28/08 12:29 AM Re: Error and Ommissions Insurance costs [Re: Paceryder]
BayAreaTexan Offline
Member

Registered: 01/01/08
Posts: 106
Loc: SFBayArea, CA
You might want to try your state association. They should have a discount program with one or more carriers. State Farm writes E&O for brokers as do a great many other carriers.

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#205209 - 02/22/08 10:49 AM Re: Error and Ommissions Insurance costs [Re: BayAreaTexan]
BPO 2 REO 4 $$ Offline
Member

Registered: 12/05/07
Posts: 333
Loc: Souther California
Does the cost vary on years of experience and the amount of agents?

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