Damm Skippies

Discussion in 'General Appraisal Discussion' started by Elliott, Dec 29, 2004.

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  1. Elliott

    Elliott Elite Member

    5
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    Liability Insurance Administrators just sent me my
    E&O renewal with notice of a 22.5% rate increase.
    I assume they have to increase their reserves to
    cover all those "high" appraisal time bombs waiting
    to go off.

    Damm Skippies :angry:

    elliott
     
  2. Phil Rice

    Phil Rice Member

    0
    Apr 22, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    United States Liability Insurance Company sent me a notice that if I renew (in March), the new policy will have a clause that says I am not covered for any action brought by a "bank or financial institution".

    I called and asked if the decrease in coverage would translate to a decrease in my premium, they said nope, I could expect to pay more.

    In 5 years, I never made a claim, or had even a hint of any kind of compaint against me.
     
  3. J in Florida

    J in Florida Senior Member

    0
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Well, that's ONE way to get rid of appraisers.
     
  4. Mister Ed

    Mister Ed Senior Member

    0
    Jan 24, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Georgia
    We use them and have not heard that one yet.
     
  5. Mountain Man

    Mountain Man Elite Member

    5
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    Got the same letter from US Liability. They also no longer want to cover appraisers who do commercial work...... so, am now shopping for new E&O.
     
  6. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    I use General and they are covering me for both commercial and res. Gen Lib is carried with Travelers.

    I just renewed in Dec.
     
  7. Willie

    Willie Senior Member

    0
    May 30, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Tennessee
    I use them, but guess I'll have to find another. What a joke? The only thing worse than a skippy is a lawyer. <_<

    I've paid for nearly 10 years. Never had a claim. Paid around $4000 in premiums. I guess that doesn't come close do defending one suit.

    To me, it says we must increase fees, as our E and O will likely increase. But that will not ever happen, I don't think.
     
  8. Walter Kirk

    Walter Kirk Senior Member

    3
    Jun 24, 2003
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    I just tried to get a new fire insurance policy for my office building and I was rejected because there is "no market for appraisers". When I asked my insurance agent if this was a mistake he said that it was not. The insurance company is afraid that it can be liable in a malpractice suit under the extended coverage clause.
     
  9. Edd Gillespie

    Edd Gillespie Senior Member

    0
    Oct 16, 2004
    I was going to say that, but now that you took it I will say the only thing worse than a Skippy and a lawyer is an E&O carrier.
     
  10. Bryan Kubiak

    Bryan Kubiak Junior Member

    0
    Oct 22, 2003
    So lets say you change E&O ... would the new E&O cover a report with an effective date before your signup date with the E&O company?

    If not seems like that will leave a lot of people exposed.
     
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