Legal Question in Real Estate Law in California

E&O Insurance

Hello,

My question is specific to California. Can a broker charge the entire E&O Insurance Premium for the complete year if you terminate your relationship with them within a month of the new policy?

For example,

The policy went into effect in March 07 and is effect until March 08. However, we were told E&O Insurance premium is due April 1, 07.

I plan to change my broker begining April but was told I had to pay the entire E&O Premium since the Insurance policy was based on the roster on March 1, 07.

Any thoughts?

Thank you.


Asked on 3/28/07, 1:17 pm

2 Answers from Attorneys
Lyle Johnson Bedi and Johnson Attorneys at Law

Re: E&O Insurance

If the broker can get a rebate on the premium or transfer the policy to another agent you may have a claim. The agreement between you and the broker, and the reason for your leaving, would be other factors to be considered.

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Answered on 4/09/07, 11:16 am
Anthony Roach Law Office of Anthony A. Roach

Re: E&O Insurance

huh?

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Answered on 3/28/07, 11:25 pm


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