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Click here to print out an application for firm's with 21 or more brokers/agents.
Click here to print out an application for firm's with 1-20 brokers/agents.
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Q: How do I get quotes?
Q: What are loss reports?
Q: When can I get the quotes back to me?
Q: How do insurance companies determine premium and deductible levels?
Q: How do I decide between insurance companies?
Q: What is the difference between an "admitted" carrier and a "non-admitted" carrier?
Q: What is a retroactive date and prior acts coverage?
Q: Are my agents insured when they buy and/or sell their own property (s)?
Q: How do I pay for my policy premium?
Q: What constitutes a 'claim'?
Q: What do I do when a claim is made against me?
Q: Can I use an attorney of my choice?
Q: How can I fill out an application?
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Q: How do I get quotes?
A: Printout one of our applications. Complete, date, sign, and return it to us via facsimile, e-mail, or first class mail. (It helps expedite the process if you have your application in about 1 month prior to your current policy's expiration date.) If you have carried E & O (Errors and Omissions) insurance in the past, we will need copies of your firm's currently valued loss reports covering the last 5 years.
Q: What are loss reports? Back
A: Loss reports are insurance company records/reports of claims activity during a particular insurance policy period. They state status, amount of attorney fees (expenses), and any amount paid as part of a settlement (indemnity) for these claims.
These reports include any 'reserve' amounts on any 'open' claims. (Reserves are expense and indemnity estimates that the insurance company has set aside.) We recommend you keep your own copies of your loss reports.
Q: When can I get the quotes back to me? Back
A: Typically, insurance carriers release their proposals about 1 to 2 weeks prior to a firm's expiration date. However, we can arrange for a specific deadline to accommodate your specific needs.
Q: How do insurance companies determine premium and deductible levels? Back
A: Insurance underwriters look at a company's gross commission income history coupled with the company's claim's history over the previous five years. The conditions of the insurance marketplace are also taken into consideration. The insurance industry is cyclical in nature.
Q: How do I decide between insurance companies? Back
A: Always consider the quality and history of the insurance company and it's E & O program. Price alone should not drive your decision. Remember, you are purchasing this insurance policy to protect your firm against a catastrophic loss.
We only work with premium insurance carriers that offer E & O in California. We make sure these carriers have established E & O programs in California and meet our financial guidelines. This includes experienced underwriters, knowledgeable claims departments, panel attorneys, broad policy forms, quality premium and deductible levels, and financial ratings of at least an "A-" from both A.M. Best and S and P.
Q: What is the difference between an "admitted" carrier and a "non-admitted" carrier? Back
A: "Admitted" carriers belong to the California Insurance Guarantee Association (CIGA). This means if the insurance company becomes insolvent (unable to pay claims), CIGA would then use their fund for any unpaid claims.
"Non-Admitted" carriers, do not have access to the CIGA fund. There is an advantage using a non-admitted carrier. They don't have to file their rates with the state giving them more flexibility in underwriting authority (flexibility in premiums, deductibles, and policy form).
Q: What is a retroactive date and prior acts coverage? Back
A: They are the same thing. All E & O policies are written on a "claims-made" policy form meaning your retroactive date is 3/1/1989. Your current policy would cover any claim submitted during the current policy period for a transaction that was performed any time after 3/1/89.
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Q: Are my agents insured when they buy and/or sell their own property(s)? Back
A: It is important you make sure your E & O policy covers these types of transactions, if you allow your agents to do so.
Linsin, Sherman Associates has pioneered this type of coverage with many insurance carriers that did not previously offer it. Always request this type of coverage at the time of renewal/expiration. If you don't currently have this coverage, we can arrange an endorsement for you.
This can be a good marketing tool to help you attract and keep top quality agents.
Q: How do I pay for my policy premium? Back
A: We offer two types of payment options:
1. Pay the premium upfront and in full.
2. Premium finance agreement - 10% down payment, with nine monthly installments. We will provide you with a financial quote.
Q: What constitutes a 'claim'? Back
A: 'Claim' means a demand for money or services. This includes a suit arising from your wrongful act.
Q: What do I do when a claim is made against me? Back
A: Hopefully, this doesn't happen. In California, however, it is usually not a question of if, but when.
Always refer to your formal insurance policy. It will provide you with exact instructions. This usually entails notifying your carrier in writing as soon as practicable during the policy period. The policy will provide you with the correct address to submit your claim. If you still need assistance, call us. We will help get you set up.
Q: Can I use an attorney of my choice? Back
A: Unless you have an endorsement allowing you this option, your insurance carrier will assign one of their panel law firms to you at the time of a claim.
At Linsin, Sherman Associates, we pride ourselves on our ability to get 'client selected claims counsel' endorsed to our client's policies. (We have strong affiliations with several outstanding law firms throughout the state!) This approval process takes place prior to binding coverage. If you have a law firm that you are interested in, please let us know up front. We can approve it with your policy at that time.
Q: How can I fill out an application?
A: Click here and you can print out an application for Linsin Sherman.
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