BPO Companies that require E&O Insurance

Hello everyone, I have I a quick question. I currently complete BPO's for a few companies but there are some that require me to have E&O Insurance. Is it possible to use my broker's E&O Insurance or do I have to get my own? and if I can use my broker's E&O Insurance how do I access it?

Any help would be appreciated. Thanks!

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  • I always acquire the E&O Insurance at the beginning of the year because the insurance is valid for 12 months. I acquire this from my managing broker's office. My suggestion to you would be to provide them with the insurance that your office gives to you. If that does not suffice then the company should be able to tell you what it is that they need. I'm not sure what the laws are in your state, but, it's always good to ask the person who is doing the requesting. I talk about this and many other frequently asked questions regarding Broker price opinion and REO Listings at www.reoeducation.com

    I also provide a list of 100 Bpo and REO companies as well.
  • I think this answere is depends on what State you are in. However almost every company requires a current E&O certificate.

  • You should have your own E&O.  Our minimum insurance (E&O - $100,000 coverage) is State required before you can get your license...agent or broker, and for each firm as well; it costs $159 each per year.  I've completed bpo's for a good deal of companies...lenders and asset companies.  Most of them require a copy of my E&O, and my E&O only covers me.  And as a Broker, I wouldn't allow any agent to use a copy of mine unless it states that agent would have coverage under my policy.  But I also carry $1,000,000 for myself and for the agency...I'd rather be safe than sorry!

    • Jane, I'm not aware of any state that doesn't require the Broker to carry E&O for anything less than the entire office which would include every agent in that office. Most agents pay the Broker their prorated portion of the total cost either annually, semi-annually, quarterly or monthly. Agents have a right to copies of all office insurance policies or they'd never be in a position to know where to start if they needed to file a claim against one.

      • Wisconsin does not. So now you know of 1.  LOL

        • Seriously?! That's scary. Do they require General Liability at least? The problem with GL is that most of those policies exclude E&O claims.

          • Nope, wisconsin does not get involved with private companys to that extent. If i get sued by someone the State does not care.

          • Texas does not require it either.
            Now you know 2.
            But, of course, we carry it. I have my own as a Broker and the brokerage I work under
            also carries it for our agents.

            I also carry a $4,000,000 General Liability Insurance since I list a lot of REOs. This is required by the companies I list for.

  • Every company that I work for requires a current E&O certificate.  Just ask your office for a copy of the certificate, scan and email it or upload it to your profile.

  • If your license is placed with a broker it's easiest to use his E&O.  If you are your own broker you will have to get your own.  I'm sure it's possible to get your own E&O without being the broker but it's an extra expense that is a waste in my opinion if your broker already carries it. 

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