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E&o

Discussion in 'General Appraisal Discussion' started by Jayozz, Nov 8, 2009.

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  1. Jayozz

    Jayozz New Member

    0
    Apr 23, 2007
    Professional Status:
    Licensed Appraiser
    State:
    California
    I'm probably leaving the business, so I was wondering does anybody have a lead on the least expensive E&O insurance, with minimal coverage and monthly payments? We have to pay for it for 5 years from our last appraisal. (wish I knew that before) I understand you can get tail or ERP insurance to cover you for the next 2-3 years or lifetime, but that is an expensive hit, unless there are companies that will finance. There is no more work, therefore I have no money, but I don't want to look over my shoulder for the next 5 years. Any help would be appreciated.
    Thanks
     
  2. panappr

    panappr Senior Member

    4
    Dec 5, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    How much are you paying?
     
  3. Jayozz

    Jayozz New Member

    0
    Apr 23, 2007
    Professional Status:
    Licensed Appraiser
    State:
    California
    $570 a year for 300/600 coverage. and can make payments for 9 months with $192 down. I stepped down my coverage from $644 a year 500/1,000,000.
     
  4. VolcanoLvr

    VolcanoLvr Senior Member

    14
    Oct 30, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    Contact OREP in San Diego. You might be able to get 'prior acts only' coverage. If you are really out of the business, decline their 'processing fee' of $50 which you won't need.
     
  5. Jayozz

    Jayozz New Member

    0
    Apr 23, 2007
    Professional Status:
    Licensed Appraiser
    State:
    California
    OREP has been my carrier, I'm hoping for something less money.
     
  6. Restrain

    Restrain Elite Member

    19
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    If you don't have a license, what are they going to do? Take your license away?
     
  7. Jayozz

    Jayozz New Member

    0
    Apr 23, 2007
    Professional Status:
    Licensed Appraiser
    State:
    California
    I do have a license, but that is not just what they are interested in. They want damages $$$$. If you don't have money to pay them, you will still be taken to court and pay court and lawyer fees, which I dont have either being flat broke and ensolvent as I have become.
     
  8. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    15
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    30 years as an appraiser and 41 as a real estate agent...never had a law suit or a claim against my E & O. When I leave the business I think I will take a chance!
     
  9. Mike Boyd

    Mike Boyd Elite Member

    0
    Jan 18, 2002
    Professional Status:
    Retired Appraiser
    State:
    California
    You might want to try State Farm specialties insurance.

    I'm on the same bandwagon as Mike G. Except, I did have one claim from 16 years ago.

    If you have no assets, you don't have to worry about a judgment. Just threaten bankruptcy if someone intends to sue you.
     
  10. panappr

    panappr Senior Member

    4
    Dec 5, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Does anyone know if there is a statute of limitations regarding appraisal related issues?
     
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