What is Going on at Foresters....Fast Issue?

[Gooner]

I'm driving or I'd respond more. Give me 45 minutes

 

[Mattschmidt]

Here we go, it's debate time, in the red corner, we have the B+++++++++ rated Company with lower premiums and in the blue corner we have the A rated company with higher premiums, which company will win?

all about personal preference I suppose...Really not a right or wrong answer....some times your prospects/clients will indicate their personal preference

 

[Thad.Sipple]

Honestly though I didn't know E & O companies "encouraged" , that would be a weird clause to put in the contract.

 

[Mattschmidt]

Honestly though I didn't know E & O companies "encouraged" , that would be a weird clause to put in the contract.

You are right...I didn't phrase it right...alot of companies may not protect you , if you write a policy for a company without an A rating or higher...

If you want to write companies like oxford/christian fidelity, you might want to know the details of your E and O contract....

Hopefully that clarifies this for you...not that it matters, as it seems you write companies with B+++++++++++ ratings

 

[Thad.Sipple]

all about personal preference I suppose...Really not a right or wrong answer....some times your prospects/clients will indicate their personal preference

My clients must suck cuz I can count on one hand how many have actually asked what the ratings of said company are, and most wouldn't think B is much worse than A especially if B companies premiums were lower for the same product than A's, now I could spin it and direct them to pick A company for a few bucks extra if I chose too, as you said personal preference. I'm a telesales guy, so for me it's I sell what's available, and it usually foresters or americo.

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You are right...I didn't phrase it right...alot of companies may not protect you , if you write a policy for a company without an A rating or higher... If you want to write companies like oxford/christian fidelity, you might want to know the details of your E and O contract.... Hopefully that clarifies this for you...not that it matters, as it seems you write companies with B+++++++++++ ratings

Ya never thought about it, might be a good idea to check into it, but I personally think E & O is like car insurance, it's extortion. IMHO

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You are right...I didn't phrase it right...alot of companies may not protect you , if you write a policy for a company without an A rating or higher... If you want to write companies like oxford/christian fidelity, you might want to know the details of your E and O contract.... Hopefully that clarifies this for you...not that it matters, as it seems you write companies with B+++++++++++ ratings

Why that Jab dude, if foresters and americo are are B+++++++ rated then I guess i do, but I was just making comical point! but jabs are fun too!

 

[Gooner]

I think for me bottom line is...if I'm writing CF..the customer is price driven. Period. Could go into CF/Oxfords financial strength here, but I think its pointless. We'll have to disagree on this one.

 

[Mattschmidt]

My clients must suck cuz I can count on one hand how many have actually asked what the ratings of said company are, and most wouldn't think B is much worse than A especially if B companies premiums were lower for the same product than A's, now I could spin it and direct them to pick A company for a few bucks extra if I chose too, as you said personal preference. I'm a telesales guy, so for me it's I sell what's available, and it usually foresters or americo.

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Ya never thought about it, might be a good idea to check into it, but I personally think E & O is like car insurance, it's extortion. IMHO

I do alot of telesales, mainly for fully underwritten products, and always make a point to mention XYX company is an A rated company...Same for my face to face FE appointments...Different strokes for Different folks...\

you might want to check your E and O policy, and make sure you are covered selling these B rated companies. I hear you about the extortion, but it's worth it to CYA!!! Best of luck!

 

[Tom from Denver]

Your clients will never care about AM Best ratings, but their lawyer will!

The chances of problems are small, but the costs for representation for a claim are HUGE, and are paid by your E & O carrier - why take a risk?

 

[Thad.Sipple]

I would love to hear from someone in the FE biz who has needed to use there E & O for something that truly wasn't there fault

 

[tomoverton0123]

You are right...I didn't phrase it right...alot of companies may not protect you , if you write a policy for a company without an A rating or higher... If you want to write companies like oxford/christian fidelity, you might want to know the details of your E and O contract.... Hopefully that clarifies this for you...not that it matters, as it seems you write companies with B+++++++++++ ratings

It's only an issue IF the company with the B rating in your example goes insolvent. If the company is not insolvent then most E&O carriers cover agents.