Alternative E & O Information

WHAT DO YOUR CUSTOMERS WANT? 

"I want coverage that really protects me from losses."

"I want lower rates.  I am paying way too much."

  WHAT DO YOU WANT FROM YOUR COMPANY SPONSORED E&O POLICY?

Do you know, under your E&O policy, you have:

Compare what you are paying for E&O
to what an AllState agent is paying.
 

 

States: AZ,CO,IA,IL,KS,MN,ND,NE,NM,NV,OR,SD,WA,WI,WY

Coverage

Farmers

AllState

1,000,000

$102/mo

$78/mo

2,000,000

132

96

3,000,000

160

N/A

4,000,000

175

N/A

5,000,000

189

161

   

States: AR,ID,MI,MO,MT,OH,OK,TN,UT,VA

Coverage

Farmers

AllState

1,000,000

$166/mo

$78/mo

2,000,000

211

96

3,000,000

244

N/A

4,000,000

261

N/A

5,000,000

282

161

 

States: TX

Coverage

Farmers

AllState

1,000,000

$256/mo

$112/mo

2,000,000

326

130

3,000,000

377

N/A

4,000,000

405

N/A

5,000,000

434

194

States: CA

Coverage

Farmers

AllState

1,000,000

$314/mo

$108/mo

2,000,000

401

126

3,000,000

463

N/A

4,000,000

495

N/A

5,000,000

534

191

 

· An exclusion for failing to place coverage with Farmers when the risk qualifies for Farmers
 
· An exclusion for an allegation of promised rate of return on an investment
 
· Limited Personal Injury Coverage
 
· An exclusion for claims of one agent versus another agent
 
· An exclusion of defense costs for Regulatory or Governmental actions
 
· An exclusion for Viatical transactions
 
· Reduced policy limits for mold claims
 
· Reduced policy limits for securities related claims
 
· Carrier insolvency wording more restrictive that most of coverage forms
 
· Exclusion of coverage to specific insurance carriers
 
· Farmers afforded ownership of the policy and Farmers coverage cost included
 
· No authority over claims payments as Farmers and Arch control all claim payments
 
· An exclusion for claims related to release of confidential client information or client lists
 
· Farmers made aware of all outside business claims
 
· A limited aggregate benefit for the deductible buy back option
 
· Arbitration as your only remedy for coverage disputes
 
· An exclusion for litigation with Farmers under this policy as Farmers and the agency force are both named insured’s
 
· Extended Reporting Period coverage options controlled by Agency Contract
 
· Costs of 20% to 200% higher than similar program offered to Allstate agents (varies by state)

 

The United Farmers Agents Association is attempting to obtain a less expensive and improved coverage E&O policy. But to do that, we need to gather information from hundreds of agents around the country. Your input is crucial! Please fill out the survey at the website: http://www.groupeando.com .  Your information will be kept confidential and submitted as part of the overall group to interested carriers for quotes. If sufficient survey responses are obtained, an offer of better coverage and better pricing should be presented to the Farmers agency force in early 2008. PLEASE help us help you.

 

Mission Statement
The United Farmers Agents Association is a professional Association committed  to helping our members through education, communications, support and information, and to establish a true partnership with Farmers Group, Inc.

Captive Agent Associations

 » NASFA [State Farm]
 » NAPAA [Allstate]
» NAAFA [American Family]
» NIICA [Nationwide]

 

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