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Errors And Omissions Insurance

Discussion in 'General Appraisal Discussion' started by Lee McClish, Sep 15, 2004.

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  1. Lee McClish

    Lee McClish Sophomore Member

    0
    May 9, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Michigan
    Hello everyone,

    I was just looking for a new E & O Insurance policy and was wondering who might good to use? Names, numbers, experiences or customer service comments are what I'm looking for. Thanks for any information that can be provided! :D
     
  2. Randy Beigh

    Randy Beigh Senior Member

    0
    Jan 16, 2002
    Taken from http://appraisaltoday.com/


    E&O insurance providers (Note - this is only a partial list. The June, 2004 issue of Appraisal Today will have a full list. )

    CRES Insurance Services, Inc - www.cresinsurance.com
    J. A. Price
    Hobbs Group
    Foundation of Real Estate Appraisers (membership required)
    Liability Insurance Administrators
    OREP (membership required)
    Intercorp, Inc. - www.intercorpinc.net
     
  3. Lee McClish

    Lee McClish Sophomore Member

    0
    May 9, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Michigan
  4. Thomas Fiehler

    Thomas Fiehler Senior Member

    2
    Jun 2, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    Lee-Make sure you read the coverage. Numerous providers do not cover review work, so if you do any you might need a different company.
     
  5. Ross (CO)

    Ross (CO) Senior Member

    0
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    I opted for the one on Randy's list located in Santa Barbara. You will really have to do your own research and weigh the same considerations of coverage limits, annual premiums, deductables, availability of a staff person to field even the most simple and innocent of questions you might have (without worrying that by just asking they will place a red tick-mark next to your name and raise your premium the next year).....and then go about the rest of your years of appraising with the intention that your standard operating procedures will NEVER find you calling them to avail their assistance !

    Get some protection, perform diligently, limit all sources or reasons to affiliate with unscrupulous clients, and ..... always have your car idling in the driveway (just kidding). When you do have coverage do not advertise that fact to the world. Let that be the last thing you reveal when sharing bio-data with a (new) client, and only when or if they directly ask whether you have it. Many adhere to the advice to black-out the total $-coverage limit and the annual $-premium from any certification letter documenting that you are covered. They do NOT need to know those things.
     
  6. Vic Stanionis

    Vic Stanionis Sophomore Member

    0
    Oct 15, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Does anyone belong to this benefit/medical/insurance plan I found on National Association of Realtors website.

    There was a link to a benefits plans with Organization of Real Estate Professionals (OREP). They also offer continuing education discounts, e & o insurance, database/software discounts, etc.

    I would like to know if anyone has joined that is on Appraiser Forum and how is the plan if they could share their experience with us. Has anyone heard or it and how it compares (its in our blood) to other medical/insurance plans out there?

    Thanks in advance.
    Vic
     
  7. David Brauner

    David Brauner Sophomore Member

    0
    May 16, 2002
    Professional Status:
    General Public
    State:
    California
    Hello all. David Brauner from OREP/Working RE Magazine. Just a bit of clarification: membership is not required. Benefits are free if you purchase insurance. There is a small service fee, which every insurer has - whether it's obvious or not.

    Check out our package!
    David
     
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