Looking to switch E&O carriers. Current policy with Nationwide is up for renewal and they're jacking the rate up 40% after a claim last year involving Ameren Missouri Schedule LPS billing. Anyone have recommendations for carriers that actually understand the utility auditing business? Need at least $1M coverage with reasonable deductible.
Best E&O carriers for utility auditors?
I've been with CNA for three years, no complaints. They wrote my policy knowing exactly what we do - utility bill analysis, rate optimization, demand management consulting. Premium is about $1,400/year for $1M coverage with $5K deductible. They handled a PPL billing dispute claim smoothly last year.
Another vote for CNA. They understand that we're not just generic consultants. When I had an issue with Alabama Power Schedule TOU-GSD calculations, their adjuster actually knew what demand ratchets were. Try getting that level of understanding from State Farm or Allstate.
Consider Beazley Insurance. They're London-based but write professional liability in the US. About $1,100/year for $1M coverage. I've never filed a claim but their policy language is comprehensive - covers both errors and omissions, plus defense costs outside the limits. Duke Energy billing can be tricky here in Cincinnati.
I went with Philadelphia Insurance after getting quotes from six different carriers. They came in at $1,250/year for $1M/$2M aggregate. What sold me was they didn't exclude 'failure to discover' claims like some carriers do. KCPL has some obscure tariff provisions that are easy to miss.
Georgia Power Schedule PLL-TOU nearly got me sued last year over a power factor calculation error. Luckily my Hartford policy covered the $28K settlement. Word of advice - read the exclusions carefully. Some policies exclude claims over 'governmental charges' which could include municipal utility taxes and fees.
Entergy New Orleans has some unique rate structures that caught me off guard early in my career. Now I use Hiscox for E&O coverage - $1,350/year for $1M coverage. They're big in the UK professional indemnity market and understand complex consulting risks. No claims yet but their policy wording looks solid.
OG&E billing errors happen more than people think. I carry $2M aggregate through Travelers - costs about $1,800/year but worth it for larger commercial accounts. They also offer a 'regulatory proceeding' endorsement that covers costs if you get dragged into a rate case or commission hearing.
Idaho Power Schedule 19 industrial rates can be a minefield. I use Zurich for E&O - they're pricier at $1,600/year but their claims service is excellent. They also understand the technical aspects of demand billing, power factor corrections, and time-of-use calculations better than most carriers.
Thanks for all the recommendations. Got quotes from CNA, Philadelphia, and Beazley. CNA came in lowest at $1,320/year for $1M coverage with better policy terms than my current Nationwide policy. Going to make the switch for next year. Appreciate the help everyone!
Elmer, make sure you get a 'prior acts' endorsement if you're switching carriers. Covers you for work performed under the old policy but claimed under the new one. Georgia Power has a three-year statute of limitations on billing disputes, so you want that overlap protection.