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We Need A Copy Of Your E & O Insurance

Discussion in 'General Appraisal Discussion' started by Will43, Jul 28, 2005.

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  1. Will43

    Will43 Senior Member

    0
    Aug 13, 2003
    Professional Status:
    Licensed Appraiser
    State:
    Ohio
    It seems like more and more los and MBs are asking for a copy of my E & O with each report.

    Is anyone else seeing this?

    Is it a good idea to send this out with our reports?
     
  2. Nancy Wyatt

    Nancy Wyatt Senior Member

    0
    Nov 21, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    I would never include it in the report. If the lender needs to see it, Ill fax over the page.

    I imagine I'll learn some more about this at the Liability Insurance seminar next week. I look forward to it.
     
  3. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    168
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I have not been asked to do this ... yet. I only supply a copy of my E & O to my clients at their first request. After that, its up to them to keep their records straight. B)
     
  4. Will43

    Will43 Senior Member

    0
    Aug 13, 2003
    Professional Status:
    Licensed Appraiser
    State:
    Ohio
    Here is the request that I received

    “ Please include License and E&O with report”

    I do about 2 per year for this company. They never asked for my E&O in the past.

    I would like to attend that class if they have one out my way.
     
  5. Richard Carlsen

    Richard Carlsen Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Michigan
    Copy of the license goes in each and every report.

    A .pdf copy of my E&O is ready to send but I have to have a specific request for it before it is sent out.
     
  6. Bill Baughn

    Bill Baughn Senior Member

    0
    Mar 10, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    A copy of my license and E & O goes into each of my report although there particulars about my E & O are blacked out (none of their business). Even still I am asked to send my E & O to them (shows how much they are reading their reports).


    Bill Baughn :fencing:
     
  7. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    I don't attach either. If they request a copy of the license, then I pdf it over. If they want my E&O, I tell them to send an email to the investor with a copy to me, so I'll know who it is, and tell the investor to email me direct for a copy. I don't think I want my E&O cover page floating around some MB's office. They tend to mix papers a lot.

    That statement to the MB to send an email to the investor seems to have slowed down some of those requests. And, IMHO, the reason you're starting to see more requests for the cover page is because they are starting to get worried and may want to come back on us in the future - very near future - if the loan goes south.

    Remember: **** Rolls downhill and I think we're all on the downhill side of it!
     
  8. xm39hnu

    xm39hnu Senior Member

    0
    Jul 10, 2003
    Professional Status:
    General Public
    State:
    Florida
    "On advice of counsel, I neither admit nor deny carrying insurance in any form."

    Goodbye!
     
  9. Steve Owen

    Steve Owen Elite Member

    0
    Jan 16, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Missouri
    Ditto.

    (Of course, I don't do many secondary market residentials these days.)
     
  10. Jim Hill

    Jim Hill Member

    0
    Oct 13, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Having E & O is a choice we all must make when doing business.

    I know many who carry it and I also know many that don't for different reasons.

    I once asked an MAI that I know who only does commerical work on a very large scale if he had an E& O policy and he told no he did not carry it which really surprised me and he when on to tell me why he does not carry it I was even more surprised.

    If a lender wants a copy of it I think I would supply it with some of the data blacked out because they really only need to know if you have it and not the amounts of coverage.

    I believe there are many fine lawyers who would love to know which appraisers have the highest levels of E & O coverage and this might even help them decide if they want to take you to court or try and reach a settlement first.

    Might make for a great topic on the pros and cons of carrying it and why.

    E & O is like many other forms of insurance you feel good knowing you have the policy until you read the fine print and see just what it covers and does not cover.

    J. Hill
     
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