How much are you paying for E & O insurance? Are you paying per transaction, or annually? Do you know your policy coverage?
My company charges our 100% commission agents $105 per deal and they only pay when they close a transaction. Agents that do splits with the company does not pay. We have coverage of $1million. The company we insure with also have risk management where you can talk with an attorney before things get out of hand. For an independent broker like me, this is very helpful.
Hi Kathy,
Do you know who the carrier is at this point? Our fees are in the $80 range. Obviously fees are based on the amount of coverage and the losses paid.
In NY we used to have an annual fee which was minimal...I think $195 per year. Here we pay per transaction and it is much more expensive.
My Broker charges $1100.00 per year regardless of how many transactions or what your split is. Coverage is $1000,000.00. Your way sounds great. What carrier are you with?
Rudy
Dinah and Rudy, we are with Cres Insurance.
Lynda, who's your carrier? That's much better than what we have.
Sara, $195 a year! That's amazing! How many years ago is that? I would love to have that carrier!
Thanks for all your post!
Julie, I am wondering if we are paying more in CA? My ex-coworkers who are working for a national franchise said this year they are paying $2200 per year, no matter your production!
My price per agent reduces every year - but I have never had a problem in 27 years nor any of my agents....that may be why.....
Sounds like a good deal for Realtors,
Thanks,
Tom Davis
World Class Delaware Realtor
I notice on our E&O insurance that the premium for our broker is around $22,000 anually. We have about 700 agents.
Brenda, are you only paying $31 a year? That would be amazing! What's your carrier?
Comments(13)