Forum

E&O Insurance

Posted by Mark Howard on April 10, 2011 at 5:28pm in Sample Title

Does anyone have any guidance as the value of E&O Insurance FannieMae, BofA and others expect to see on your policy ? $300,000, $500,000, $1,000,000 ?

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Replies

Lee Frank April 11, 2011 at 10:55am

Jose, In light of the new requirement to carry General Liability from Fannie and her outsourcers, what effect do you think it will have on both current and direct agents? I know some big companies, 350 plus agents, that will not carry General Liab because they do not want the exposure. They won't allow the agent to get and pay for it either because they say they are still liable. Do you think Fannie will Grandfather in those agents or drop them? -Lee
Jose Rivas (DGRA) CDPE, SFR April 11, 2011 at 10:35am

It is usually $1M, I currently carry $1M in E&O and $2M in Liability. Some insurance companies will increase their premium if you do REO because they consider that as Property Management and some E&O wont cover for PM because there is a separate insurance for that. I shop around and got my insurance through a local insurance broker and he handles all my insurances for my company.
Ira Joshua Parker, P.A. April 11, 2011 at 8:55am

Lee is correct. We have $1mm in both E&O and GL.
Lee Frank April 11, 2011 at 3:23am

It is $1,000,000. But FNMA and their outsourcers are now also requiring Generall Liability of $1M /$2M.