Liability Insurance For Parttime Appraisers

Discussion in 'General Appraisal Discussion' started by Mo Ashraf, Jul 23, 2005.

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  1. Mo Ashraf

    Mo Ashraf New Member

    0
    Jan 25, 2003
    Professional Status:
    Licensed Appraiser
    State:
    California
    Hello Folks,

    First of all let me say with active participation of the senior appraisers I get
    valueable information on this bulletin. Thanks.

    The question I am facing these days is that I had my appraisal liability insurance
    with "Limited Liability Administrators" As you all know buisness is slow these days
    and specially new comer like me in this buisness paid a heavy toll. So my
    appraisals went down significantly. So I started doing appraisals as a parttime
    buisness.

    Now when the time come to renew my insurance the LLA refused to renew my
    application due to the lower appraisals. I thought this would be good for them.

    So I am in the search for the new apprsial insurance company who can accept me.

    My question to the folks is that if anybody has similiar experience and would
    like to suggest me few names for the insurance companies.


    Thanks and keep up the good work.


    Ash
     
  2. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    I would try General Star. I don't have an address for them handy right now.
     
  3. Robert Anderson

    Robert Anderson Senior Member

    0
    Nov 27, 2004
    Mo,

    I'm semi-retired and have run into the same issue with LIA. At the time of my last renewal, they told me that they would not renew my policy unless I increased my appraisal income.

    Greg Meyers (who gives good advice) recommended Landy/General Star. I assume this is the same company that Ray recommends. I don't believe I will meet LIA's income requirements again this year and will probably go with Landy. I don't believe they have a minimum income requirement.

    BTW, you do need to be sure that your new insurance covers appraisals done while you were with LIA. I believe (but am not sure) that Landy/General Start will provide prior acts coverage.

    Bob Anderson
     
  4. Lee SW IL

    Lee SW IL Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    What's LIA income and appraisal limits?
     
  5. Robert Anderson

    Robert Anderson Senior Member

    0
    Nov 27, 2004
    Post deleted
     
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