Few thoughts:
How big is the tree (diameter or circumference at chest height)? Local markets are going to dictate pricing to a degree, but if it is going over $25-$30 per inch of diameter, that is starting to sound pretty high...for small town Ohio. Maybe not out of the question high for big city NJ?
Did they identify the species elm? I think it looks more like American than Slippery (Red). Both are susceptible to Dutch Elm Disease (DED), but American is infected more readily. Many of the hybrids are NOT infected by DED...especially those with Chinese elm and Siberian elm (which is a trash tree anyhow...). There are also American elm cultivars that are very resistant to DED.
Arbotect is the "industry standard" for DED treatment. The
label recommends 2 different rates: 1 for every year, and another for every THREE years. There is nothing on the label about every other year. Ask they which product they were planning to use. If Arbotect, I'd run - find another service provider...they either don't know what they are doing or they are trying to increase their profits by treating the tree too often at no benefit to your tree (or they are skipping a treatment...but if they are using the 1 year does, they are really high on price).
I do agree with JeffGu that isn't a great looking tree - one that hasn't been pruned well. Have you been in the house for a while? Is that pruning you initiated? If so, was the wood dead when it was pruned? When was the pruning done? If this summer, I'd probably wait a year to see if you get any infection introduced through those cuts.
Looks like the power company has chewed away at the tree a little too. Call them and ask if you treat the tree if they will sign (IN WRITING) an agreement to only prune the tree during the dormant season. If not, I'd think twice about investing in treatment. The beetle that carries the disease is attracted to fresh pruning cuts. The best way to avoid that is not prune while the beetle is flying.
Are their neighboring elm trees withing 50-100' of this? DED can spread through root grafts. If you treat yours but your neighbor doesn't treat theirs, you tree will face a lot of disease pressure when theirs is infected (it will be protected....but protection PLUS prevention is the best formula...ditto for the pruning schedule above).
Ultimately, is the cost worth it to YOU? JeffGu above, apparently, doesn't think there are elm trees worth saving (edit: He doesn't live in an area with clients who think the trees are worth saving). I have clients who think their tree is worth saving. The treatment works if it is done correctly. Nearly all untreated elm trees of North American origin die from DED. If you decide you want to save it, and you are not very familiar with the outfit who quoted you, look for other Certified Arborists at
www.treesaregood.com to get additional quotes. I'd call now...they may have plenty of time to stop out during the slow season and plan for a summer treatment.