I just got my new E&O quote from a company I have done busines with for 5 years. My premium was increased by $300 and when this was questioned we were told that there is a 200% additional premium for a 12 month discovery which is retroactive back to 2007. We told them that we had insurance with them all of those years. Our agent said that you are only covered from year to year. In other words, when I take out my 2010 insurance, itfa claim is made from a search done in 2009, then unless I take out this additional "discovery" insurance, I would not be covered for the 2009 claim (even though I was insured in 2009). Is this correct???
If not, can anyone suggest a good company to get a quote from? Thanks.
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