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Appraisalport insurance policy

Discussion in 'Running an Appraisal Business' started by Offshore, Sep 12, 2008.

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  1. Offshore

    Offshore Senior Member

    0
    Dec 25, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Is anyone aware of an insurance company carrying policies which would cover an appraiser from any liability associated with using Appraisalport? Something similar to a personal umbrella policy possibly? If so, are the premiums reasonable?
     
  2. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    3
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
    That will be an interesting quest to find one...
     
  3. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin

    I have searched over the years for such a company, but if you sign a "Hold Harmless Clause" it appears you are dead meat and will soon start to rot like an old steer in the hot July sun. The insurance industry does not want to take on unknown risk and that is a big unknown risk I think for all of them. You might check Loyds of London and have very deep pockets.:fiddle:
     
  4. George Ellerman

    George Ellerman Senior Member

    9
    Feb 21, 2005
    Professional Status:
    Licensed Appraiser
    State:
    Ohio
  5. George Ellerman

    George Ellerman Senior Member

    9
    Feb 21, 2005
    Professional Status:
    Licensed Appraiser
    State:
    Ohio
    I think I might start putting a "hold harmless" clause in all of my appraisals !
    Do you think that would fly?
     
  6. Elliott

    Elliott Elite Member

    88
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    Lloyds of London or an Umbrella Policy might provide coverage.
     
  7. imjiminnh

    imjiminnh Junior Member

    0
    Oct 4, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New Hampshire
    I resolved the issue by refusing to use Appraisal Port, quick and easy.

    Jim
     
  8. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    3
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
    That is by far the smartest course!
     
  9. Steve Metz

    Steve Metz Member

    7
    Jun 1, 2005
    Professional Status:
    Licensed Appraiser
    State:
    Georgia
    I got an account suspened notice from them today. I closed my shop this month any way and told Wachovia and All State that I would no longer do appraisals for them due to this.

    Just say no
     
  10. PropertyEconomics

    PropertyEconomics Elite Member

    1
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico

    Interesting you should ask George. I spoke with an attorney last night, who was looking over the AP agreement, and asked the same question. His opinion was that at the time of order you have a contract with your client. They request you provide a service and in return they will pay you once you complete it. Putting in additional language, after the fact, would most probably result in the client saying they didnt agree to the contract change and thus it is not enforcable. He said that would probably hold up on their side in court.
    His recommendation was a letter of engagement on every job you do spelling out the limitations, however, hold harmless would never apply if you committed careless negligence and harmed their borrower.

    For what its worth, he also stated that he thought the contract was so one sided in APs favor that it is very doubtful if a court would uphold the agreement, however, its a chance one would take if they were to sign or accept the agreement. He also stated, atleast in our case, that NM law would supercede the contract and that arbitration at their location would also be defeated.

    Just interesting thoughts.
     
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