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Mortgage Broker News | 05 Aug 2011, 09:00 AM Agree 0
E & O insurance providers endorsed by CAAMP and other professional associations are facing a run for their money as competing insurers win over brokerages fleeing premium hikes.
  • Hal | 06 Aug 2011, 02:44 AM Agree 0
    My E&O provider through CAAMP gave me a quote that was about 60% higher than previous years. We have never even had a hint of a claim. So I went shopping. Once they found out that I was about to switch, they offered to match the rate from the other company to which I was going to switch. So now my rate is about the same as last year.
  • AB Broker | 06 Aug 2011, 03:27 AM Agree 0
    If we simply shop the competition and give our current provider the chances to match, can we complain when a mortgage customer shops us? Business should be going to whom ever offers the best service and on going service followed by price. Too many think that because of the CAAMP affiliation that we automatically get best pricing and as Hal stated, that is just not the case.

    I'm not a fan of tied selling, period. CAAMP needs these companies to mandate CAAMP membership so they have a continuous revenue stream.

    Happy shopping!
  • Ont broker | 06 Aug 2011, 06:11 AM Agree 0
    Question is does not CAAMP or IMBA disclose in their financials how much they get from their 'sponsorship" of E+O providers or any other service. My wife is a CGA and her assocaition gets her great deals on home and auto insurance, cell phones, etc that so far we have not been able to get anything close shopping ourselves.
  • Bob W | 09 Aug 2011, 04:30 AM Agree 0
    We had heard stories of E&O Insurance going up significantly, so we asked Rocca Dixon (our current provider) for a renewal quote prior to signing. They only took us seriously when our renewal date came up and we told them we were likely moving to Purves Redmond. We found it interesting that they acted just like a Lender realizing they were losing a mortgage to another Lender at maturity! The initial claims free quote we got from Purves Redmond was still significantly cheaper; perhaps because they are not associated with CAAMP or other Provincial organization? Here is the FSCO link showing which firms are acceptable E&O Insurance providers:
    http://www.fsco.gov.on.ca/en/mortgage/eoinsurance/Documents/EO_prov_chart.pdf

  • Margaret Shinners | 12 Aug 2011, 06:14 AM Agree 0
    I tell my clients all the time to come to us to help shop around for the best rate. So, now that I know I can shop around I will next year when our renewal comes around.
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