Yes I was aware and had a friend retire at the end of last year and she kept her insurance for another two year term to make sure she has no issues that will arise. 

Insurance companies.......ugh!!!!

I had not known that... rather important information, I would say.

Did not know this either- and yes,that could be a problem when switching companies.

I was not aware of it. Thanks for the information.

yes I am and I carried coverage from two companies for 24 months because of that.  I wanted the new less expensive company, but it would not cover priors and the old company wouldn't either after I canceled. So until the statute of limitations had run out on all sales not covered by new company I continued to pay the old company.  

That is scary Sandy and Norm. I will never cancel my E&O or my BCBS.

Sandy and Norm - I had no idea this was the case. Of course I am not a broker.

I guess that would be a good reason to not cancel E & O.

Now that's something I did not know, Sandy Padula and Norm Padula, JD, GRI . 

HMMM....That IS interesting...anyone who changes brokers is likely to be changing carriers...

Sandy Padula and Norm Padula, JD, GRI I did not know this. I reported I did some consulting work and they put me in a risk category. My premium was four times what I ws originally paying. 

This is a good alert for those who are leaving the business or moving to a situation that no longer requires the E & O insurance.

Typical

Hi Sandy and Norm --  cancelling is not an option for me as I pay upfront.  If I should leave -- no refund.   There are also payment options available --- we are required to go with the program sponsored by the broker.  

However if you change carriers without a gap, the new carrier is responsible for any claims that may arise regardless of who the premium was paid to.

Eve

Yes and even after retiring you should carry.

Good morning Sandy and Norm. Interesting. I do have a prior clause in my contract which does cover homes. Must be different for agents.

I guess that is a good reason to keep on paying for it.

No choice but to continue carrying this insurance!!