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Hello everyone, I have I a quick question. I currently complete BPO's for a few companies but there are some that require me to have E&O Insurance. Is it possible to use my broker's E&O Insurance or do I have to get my own? and if I can use my broker's E&O Insurance how do I access it?

Any help would be appreciated. Thanks!

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Calvin, 

Yeah you can do it either way.  One option is to request a copy of your Brokers E&O insurance and supply annually to the valuation companies.  The alternative way is to purchase your own E&O insurance through an insurance company direct. There are many companies to choose from most are priced at around $500/annually for bare minimum insurance.

Hey thanks for the info John, but quick question how do i request a copy of my brokers E&O Insurance. Do I ask my branch manager or is it another way I can retrieve it? My Broker has many branches so should I contact headquarters (Main Office) to request a copy? Thanks!

Calvin, 

Yeah no problem usually the managing broker at your local office would have a copy.  You save money if you don't have to buy personal insurance but most brokers will take some type of fee albeit monthly or per order basis.  

Your broker should give you a cope every year to prove that they do have the E&O insurance, after all you are paying for it.

you paid for it, you are entitled to a copy of it, just ask broker/manager

If your license is placed with a broker it's easiest to use his E&O.  If you are your own broker you will have to get your own.  I'm sure it's possible to get your own E&O without being the broker but it's an extra expense that is a waste in my opinion if your broker already carries it. 

Every company that I work for requires a current E&O certificate.  Just ask your office for a copy of the certificate, scan and email it or upload it to your profile.

You should have your own E&O.  Our minimum insurance (E&O - $100,000 coverage) is State required before you can get your license...agent or broker, and for each firm as well; it costs $159 each per year.  I've completed bpo's for a good deal of companies...lenders and asset companies.  Most of them require a copy of my E&O, and my E&O only covers me.  And as a Broker, I wouldn't allow any agent to use a copy of mine unless it states that agent would have coverage under my policy.  But I also carry $1,000,000 for myself and for the agency...I'd rather be safe than sorry!

Jane, I'm not aware of any state that doesn't require the Broker to carry E&O for anything less than the entire office which would include every agent in that office. Most agents pay the Broker their prorated portion of the total cost either annually, semi-annually, quarterly or monthly. Agents have a right to copies of all office insurance policies or they'd never be in a position to know where to start if they needed to file a claim against one.

Wisconsin does not. So now you know of 1.  LOL

Seriously?! That's scary. Do they require General Liability at least? The problem with GL is that most of those policies exclude E&O claims.

Texas does not require it either.
Now you know 2.
But, of course, we carry it. I have my own as a Broker and the brokerage I work under
also carries it for our agents.

I also carry a $4,000,000 General Liability Insurance since I list a lot of REOs. This is required by the companies I list for.

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