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Questions About Auto Insurance & Accidents

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#3989 of 4409 Re: ERRORS AND OMISSIONS POLICY [satire] by houdini1 Aug 07, 2008 (1:08 pm)
Replying to: satire (Aug 07, 2008 11:27 am) Good post and good advice, however in every state where I have done business, insurance agents are regulated and licensed by that particular states Dept. of Insurance. In all these states the Insurance Department requires you to have E&O insurance with at least a $500,000. limit in order to obtain and maintain your insurance license. Replies to this message: euphonium (Aug 08, 2008 7:43 am) houdini1 (Aug 08, 2008 2:07 pm) 151ranch (Aug 08, 2008 10:49 am)
#3990 of 4409 Re: ERRORS AND OMISSIONS POLICY [houdini1] by euphonium Aug 08, 2008 (7:43 am)
Replying to: houdini1 (Aug 07, 2008 1:08 pm) and those states requiring E & O are:??? Replies to this message: houdini1 (Aug 08, 2008 2:07 pm)
#3991 of 4409 Re: ERRORS AND OMISSIONS POLICY [houdini1] by 151ranch Aug 08, 2008 (10:49 am)
Replying to: houdini1 (Aug 07, 2008 1:08 pm) I believe you are confusing agents with managing general agents and agencies. Not one of the 22 states where I have agents licensed has required E&O, or even a bond. Managing general agents generally require a bond. Agencies usually require a large bond.   OTOH, every carrier (insurance company) has required the agency to have E&O. Never had the carrier require the agent to obtain it unless writing surplus lines. But our agents do not issue binders/policies so YMMV.
#3992 of 4409 Re: ERRORS AND OMISSIONS POLICY [euphonium] by houdini1 Aug 08, 2008 (2:07 pm)
Replying to: euphonium (Aug 08, 2008 7:43 am) That would be Kansas and Missouri.
#3993 of 4409 But if the agency by marsha7 Aug 09, 2008 (6:11 am)
has E&O, and the agent works for the agency, then the agent should be covered, I would think, just like nurses do not have their own malpractice policy, but, as employees of the hospital, they are covered for malpractice...or have I just blundered into the wrong area again??? Replies to this message: euphonium (Aug 09, 2008 8:17 am)
#3994 of 4409 Re: But if the agency [marsha7] by euphonium Aug 09, 2008 (8:17 am)
Replying to: marsha7 (Aug 09, 2008 6:11 am) Rating E & O for an agency considers variable factors such as $ Premium Volume, number of licensed agents, number of CSR's, & CE requirements of the agency. So the individual licensed agent is under the agency's E & O policy.   Hospital nurses and pharmacists are usually covered for MP as you suggest.   After my wife retired, we decided she would not be a relief pharmacist, as she would have to carry her own MP policy & making only $50/ hour is not worth risking our assets.
#3995 of 4409 euphonium by marsha7 Aug 09, 2008 (10:31 am)
Maybe I could take a class or two from you and fill in all those gaps in my meager knowledge...I always appreciate anyone who can teach me a thing or two (or three, or four...) Replies to this message: euphonium (Aug 09, 2008 11:01 am)
#3996 of 4409 Re: euphonium [marsha7] by euphonium Aug 09, 2008 (11:01 am)
Replying to: marsha7 (Aug 09, 2008 10:31 am) Hi, Interesting you mention taking a class because it is I who have learned from others and especially you. When Education Chairman for our local group of the Big I it was interesting to have visiting speakers from other associations and companies present their knowledge on a wide variety of insurance subjects.   Today CE is via the internet and much more efficient, but not as much fun or personal.
#3997 of 4409 how do I know the payout is enough by uturnsue Aug 18, 2008 (11:34 am)
Hey anybody I just found out my vehicle which was hit by a storm a few weeks ago, is deemed total loss. Its a 2000 5speed nissan sentra with over 123K's on it. I got the value from the ins. agent and I just don't know if its enough. Sure it covers my loan since I was still paying on it, but the balance (after they pay it off)is not enough to get another vehicle, and I need one. I dont want to finance again, I'd like to just buy another used one instead but is there a way to know if the ins. co. is giving me a fair share? is there any way to know this?   thanks Replies to this message: Mr_Shiftright (Aug 18, 2008 11:50 am) fordfool (Aug 18, 2008 3:59 pm) mikefm58 (Aug 18, 2008 5:21 pm)
#3998 of 4409 Re: how do I know the payout is enough [uturnsue] by Mr_Shiftright HOST Aug 18, 2008 (11:50 am)
Replying to: uturnsue (Aug 18, 2008 11:34 am) You could check a variety of online price guides, being sure to match mileage and condition and options if the guides allow you to do that online.   Then you sort of average all of them out and come up with a ballpark #.   Some guides are:   www.edmunds.com (click on "used cars") www.kbb.com www.nadaguides.com   These guides will NOT agree but they should be reasonably close. Keep in mind that "excellent" means a *very* sharp clean car. Most 8 year old cars are "clean" or "average". Very few are "oustanding".   Actually you should be glad it covered your loan. Some people don't end up that "whole".

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