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Genral Star E+O

Discussion in 'Illinois' started by Tom O'Malley, May 6, 2011.

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  1. Tom O'Malley

    Tom O'Malley Sophomore Member

    0
    Jul 10, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Anyone have contact info for a Genral Star insurance carrier? I have been with Landy for a long time but they are no longer going to service Appraisal E+O. I want to keep the same policy if possible- we know how insurance companies like to pass the buck. My policy is up in June so I gotta get moving. Thanks!
     
  2. Pat Butler

    Pat Butler Senior Member

    12
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I don't have any contact info but am also with Landy. I renewed with them a few months ago and they didn't say anything about it.

    I maintain a real estate broker's license and Landy was one of the few companies with reasonable rates to cover appraising and brokerage.

    Let me know how it goes, please.
     
  3. AnonApprsr

    AnonApprsr Elite Member

    0
    Jan 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
    I think I'm with Landy...wait I'll go check. No I'm with LIA...they are really great and we just renewed for the 6th year in a row. They are fantastic and even have people who read this board and help out clients. Great company.
     
  4. John Marshall

    John Marshall Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    I believe Landy is continuing to insure appraisers but with another company.
     
  5. Privateer

    Privateer Junior Member

    2
    Apr 8, 2008
    Professional Status:
    Banking/Mortgage Industry
    State:
    California
    Your broker is still selling appraiser E&O -- call them and they can tell you whether their new insurance carrier is presently offering E&O in Illinois. The status is different in different states. The changes affect policies renewing after 6/1/11.

    You should be able to keep your "prior acts date" also known as "retroactive date" when moving between different insurance companies with reputable brokers -- just be careful because there is a program out there selling very cheap coverage that will not cover any prior acts and which includes very significant new exclusions. It's basically sold as an "E&O ticket" for appraisers seeking a piece of paper that will get them on AMC and lender panels. Also be sure to read any policy for changes in coverage you may not expect.

    If you choose to stay with General Star (the new broker is Marsh US Consumer in Urbandale, Iowa), I suggest asking if the new policy excludes FDIC claims because General Star has indicated in insurance filings that an endorsement excluding coverage for damages to the FDIC will be applied to appraisers who have policies with prior acts dates before 8/1/08.

    -- Peter Christensen (I work for LIA as general counsel)
     
    Last edited: May 8, 2011
  6. jwd appraisals

    jwd appraisals Sophomore Member

    0
    Nov 5, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    New Jersey

    I use Landy also. When did this happen?
     
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