We originally contacted Lee and Mortgage Banking Insurance Group to obtain a quote for E&O insurance and also gain some insight into this coverage. The last person we worked with would say "I've been doing this for a long time so trust me." It wasn't a clear picture of what was going on, why we needed the insurance and how the insurance worked. Lee was much more patient. He didn't mind explaining everything.
There are so many parts to E&O insurance. There's the Mortgage Banker's Bond, Professional Liability, Fidelity… All those elements confused us. What was the difference? Lee made it clearer by breaking it down to a simple spreadsheet and walking us through the different options.
With our past broker, we didn't have any options. He presented us with one quote from one carrier and said, "This is what you should get." Lee presented a number of different quotes from a number of different insurance companies. We looked at different deductibles, limits, liabilities, premiums… everything. And, then he explained how these could affect us and provided his recommendations.
After working with him on E&O and realizing that we were now working with someone who knew what they were doing, I asked him if he could help us with our other insurance coverages: Professional Liability, General Liability and Workers' Comp. We had it spread out among multiple brokers. Now we have it all in one place, which is much easier.
Lee also introduced us to Cyber Liability and we realized we really needed to have this. We hold people's confidential information and could be liable if something were to happen. It's quite worth it even if it's not required.
In moving over our coverages, Lee and his team did all the work. I didn't have the time or the patience to read through all the fine details. That's what I count on Lee for. He made sure we had, at the very least, the same coverage—if not better—and that we paid less on our premiums. So, overall, we obtained more coverage for less money.
- Andrea Shintani