Professional Liability / Errors Omission Insurance?

[ExtraSlow]

Dammit, mods remove the spam post now I look like I'm talking to myself. ***shakes fist at sky***

[JPB]

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I'm with Toole Peet, they found me quotes from three different underwriters and I went with CFC. I have $2MM of E&O and professional liability for around $4k a year. The policy also covers my general liability and a ton of other stuff like cyber attacks. It was a real eye opener setting this up and learning about everything.

My agent was pretty good at answering my questions and guiding me through the process. I have to carry it for the type of work I do, so I built a few bucks an hour into my rate to pay for it.

Anyone else recently renew? Mine jumped to $5k from just under $4k. Seemed steep, but my agent checked a couple of other prices and it went up everywhere. Nothing like a 25% hike when business is slow as it is.

[JRSC00LUDE]

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I could care less these days.

Prove it!

[killramos]

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Prove it!

What did you have in mind?

[schurchill39]

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Just email them, you are too young and good looking for the telephone.

So I did this and the quotes were everywhere from 4k-11k per year depending on the deductible and I'm still not entirely sure what I would actually be covered for. The agent I was emailing with was absolutely zero help despite saying I am completely new to this and need someone to spend some time with me explaining the different policies and coverage. She sent me a form to fill out and when I replied I asked to set up a phone call to go over it to make sure I filled things in properly as there were a few things I wasn't sure applied to me. There was follow up on her end besides a vague email with 4 prices listed and "let me know which one you'd like to go with". At the end of the day she was such a useless twat I just wrote off Toole and Peete entirely.

Now that I'm set up with my own permit to practice though I should get back on this though.

[98brg2d]

I've been using Aon for brokerage for years and years but I might switch to Ryder Insurance this year, they got me a good quote last year but the timing was off.

[schurchill39]

Just wanted to throw out an updated question, who are contractors going through for CGL? My wife got a new contract position for a major O&G company and her contract stipulates that they only require $1M CGL but I want to add on PL as well. I reached out to easycover.ca already but they are a bunch of dummies so looking for other options for CGL and PL

[98brg2d]

PLI is generally far more expensive than CGL and some companies won't provide one without the other (both ways) and some won't provide CGL to engineers/geologists who don't have PLI (even if they do not provide PLI).

She needs to go through a broker that deals with engineering companies regularly in order to get PLI. My previous recommendations of Ryder and Aon still stand. Maybe somebody else will chime in with additional options.

Edit: if she just wants CGL, I had a good rate with Intact a couple years ago, before bundling my CGL and PLI with Linx.

[ThePenIsMightier]

I think someone I know with a tiny Eng. Co. ended up having success with Rogers Insurance recently. It took awhile to mow down the BS, but I think they got there.

[98brg2d]

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I think someone I know with a tiny Eng. Co. ended up having success with Rogers Insurance recently. It took awhile to mow down the BS, but I think they got there.

I've had recommendations for Rogers in the past, so they must be ok as well. I've never asked for any quotes from them though. Should be a good one to add to the list.

[schurchill39]

I've got Rogers looking into right now. They own Easy Cover and after sending him the email chain he couldn't see anything about my file would even raise his eyebrows except maybe they got scared with who she will be contracting to. He's going to work on something but doesn't see it being an issue so we will see.

I did reach out to Ryder and Toole Peet again for quotes and filled out both of their wild applications but haven't heard anything from Ryder since and Toole Peet is working with a backer in London so the time difference is slowing things down. I have a request in to Aon but no reply from them yet.

It just seems silly that its been such a process. I have a ton of friends and colleagues who are contractors and all of them have said the process was simple and straightforward. Hopefully we can get this figured out soon or I'll have to strong arm Bill into this line of insurance work.

[ThePenIsMightier]

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I've got Rogers looking into right now. They own Easy Cover and after sending him the email chain he couldn't see anything about my file would even raise his eyebrows except maybe they got scared with who she will be contracting to. He's going to work on something but doesn't see it being an issue so we will see.

I did reach out to Ryder and Toole Peet again for quotes and filled out both of their wild applications but haven't heard anything from Ryder since and Toole Peet is working with a backer in London so the time difference is slowing things down. I have a request in to Aon but no reply from them yet.

It just seems silly that its been such a process. I have a ton of friends and colleagues who are contractors and all of them have said the process was simple and straightforward. Hopefully we can get this figured out soon or I'll have to strong arm Bill into this line of insurance work.

It seems something has changed within the last ~1 year that is making it far more difficult.

[schurchill39]

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It seems something has changed within the last ~1 year that is making it far more difficult.

I asked the Toole Pete rep about it and she says there has been a huge surge in people contracting which has really slowed things down and made them evaluate each file way closer.