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Alternative E
& O Information
WHAT DO YOUR CUSTOMERS WANT?
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"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?
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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. |
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States:
AZ,CO,IA,IL,KS,MN,ND,NE,NM,NV,OR,SD,WA,WI,WY |
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Coverage |
Farmers |
AllState |
|
1,000,000 |
$102/mo |
$78/mo |
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2,000,000 |
132 |
96 |
|
3,000,000 |
160 |
N/A |
|
4,000,000 |
175 |
N/A |
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5,000,000 |
189 |
161 |
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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 |
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States: TX |
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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 |
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States: CA |
|
Coverage |
Farmers |
AllState |
|
1,000,000 |
$314/mo |
$108/mo |
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2,000,000 |
401 |
126 |
|
3,000,000 |
463 |
N/A |
|
4,000,000 |
495 |
N/A |
|
5,000,000 |
534 |
191 |
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· An
exclusion for failing to place coverage
with Farmers when the risk qualifies for
Farmers
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· An
exclusion for an allegation of promised
rate of return on an investment
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· Limited
Personal Injury Coverage
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· An
exclusion for claims of one agent versus
another agent
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· An
exclusion of defense costs for
Regulatory or Governmental actions
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· An exclusion for Viatical
transactions
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· Reduced policy limits for
mold claims
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· Reduced policy limits for
securities related claims
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· Carrier insolvency
wording more restrictive that most of
coverage forms
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· Exclusion of coverage to
specific insurance carriers
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· Farmers afforded
ownership of the policy and Farmers
coverage cost included
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· No
authority over claims payments as
Farmers and Arch control all claim
payments
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· An
exclusion for claims related to release
of confidential client information or
client lists
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· Farmers
made aware of all outside business
claims
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· A
limited aggregate benefit for the
deductible buy back option
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· Arbitration
as your only remedy for coverage
disputes
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· An
exclusion for litigation with Farmers
under this policy as Farmers and the
agency force are both named insured’s
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· Extended
Reporting Period coverage options
controlled by Agency Contract
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· Costs
of 20% to 200% higher than similar
program offered to Allstate agents
(varies by state) |
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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.
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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. |
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