In addition to E&O coverage, many outsource companies are requiring GL coverage as part of their REO agent applications. Does anyone know if it's worth it to have GL to boost up your application?
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Your broker should have GL coverage, and if he/she doesn't I suggest you switch companies. You have to remember that your clients technically are the broker's clients and so for your broker should have the GL to insure the brokerage and to add clients with that request. Ask your broker what is the company's GL insurance. Most small businesses have 1M coverage but some outsourcers require for 2M.
Jose is right. Talk to your broker about it. They should have it.
Jerry Filoteo > Dr. Marqueze D. Williams, Sr, NRBAApril 21, 2011 at 12:14pm
Thanks Jose and Marqueze! But i must tell you that I am the broker. I am it. =) I do have E&O and I just recently added GL policy with 4m coverage. That should cover all my agents...
However, I do have a quick question. I received a 32 pages executed Fannie Mae MLA from outsource company and I am supposed to upload the executed MLA in equator. The task in equator was triggered in 4/20 (wednesday), but I never receive the task. I have this butterfly in my stomach, and I hope I dont lose the opportunity. Is it necessary to purchase the certification through equator? How is the task triggered by outsource company? I am assuming by username which is email, correct? HELP
you need to contact your insurance broker and ask him/her to add Fannie Mae to your policy, Usually most outsourcers you just upload it in theri website, but I would try to add it to your equator profile. 4M is more than enough, I think Fannie only requires 1M. You don't have to purchase any certification through equator
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Thanks Jose and Marqueze! But i must tell you that I am the broker. I am it. =) I do have E&O and I just recently added GL policy with 4m coverage. That should cover all my agents...
However, I do have a quick question. I received a 32 pages executed Fannie Mae MLA from outsource company and I am supposed to upload the executed MLA in equator. The task in equator was triggered in 4/20 (wednesday), but I never receive the task. I have this butterfly in my stomach, and I hope I dont lose the opportunity. Is it necessary to purchase the certification through equator? How is the task triggered by outsource company? I am assuming by username which is email, correct? HELP