Community/E&O insurance — what coverage do you carry and who do you use?
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Marvin Gibbsbroker
Mar 27, 2026 at 8:00 AM
E&O insurance — what coverage do you carry and who do you use?
Getting ready to expand my business and my attorney recommended reviewing my E&O coverage. Currently have a $1M policy through a general business insurer. Is that enough? Anyone have recommendations for insurers who specialize in mortgage broker E&O?
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Stephanie OkaforbrokerMar 27, 2026 at 10:00 AM
Marvin, I carry $2M E&O through CUNA Mutual (now Affinion). They specialize in financial services E&O and understand the mortgage broker business. The $1M limit is probably fine for smaller operations but if you're doing deals over $1M, you want coverage that matches your deal size.
Also make sure your policy covers "errors and omissions" specifically in the loan placement context — some general business policies have carve-outs for financial services activities.
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Natalie CrossbrokerMar 27, 2026 at 11:00 AM
$2M minimum. Non-negotiable if you're doing deals over $500k.
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Keisha LawsonbrokerMar 27, 2026 at 12:00 PM
i had no idea this was something i needed to think about. adding to my list of things to fix asap :$
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Marvin GibbsbrokerMar 27, 2026 at 1:00 PM
Stephanie — that's really helpful, thank you. Going to call Affinion this week. Natalie — noted on the $2M minimum.