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  #1  
Old 09-12-2008, 08:49 AM
Offshore Offshore is offline
 
Join Date: Dec 2005
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Default Appraisalport insurance policy

Is anyone aware of an insurance company carrying policies which would cover an appraiser from any liability associated with using Appraisalport? Something similar to a personal umbrella policy possibly? If so, are the premiums reasonable?
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Old 09-12-2008, 08:59 AM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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That will be an interesting quest to find one...
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Old 09-12-2008, 09:11 AM
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Ray Miller Ray Miller is offline
 
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Quote:
Originally Posted by Offshore View Post
Is anyone aware of an insurance company carrying policies which would cover an appraiser from any liability associated with using Appraisalport? Something similar to a personal umbrella policy possibly? If so, are the premiums reasonable?

I have searched over the years for such a company, but if you sign a "Hold Harmless Clause" it appears you are dead meat and will soon start to rot like an old steer in the hot July sun. The insurance industry does not want to take on unknown risk and that is a big unknown risk I think for all of them. You might check Loyds of London and have very deep pockets.
  #4  
Old 09-12-2008, 09:51 AM
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Some information concerning data mining lawsuit against AppraisalPort.
http://74.125.95.104/search?q=cache:...lnk&cd=2&gl=us

It will be interesting to see how this turns out.
  #5  
Old 09-12-2008, 09:59 AM
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George Ellerman George Ellerman is offline
 
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I think I might start putting a "hold harmless" clause in all of my appraisals !
Do you think that would fly?
  #6  
Old 09-12-2008, 11:10 AM
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Elliott Elliott is online now
 
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Lloyds of London or an Umbrella Policy might provide coverage.
  #7  
Old 09-23-2008, 02:54 PM
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I resolved the issue by refusing to use Appraisal Port, quick and easy.

Jim
  #8  
Old 09-23-2008, 05:04 PM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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Quote:
Originally Posted by james scrivens View Post
I resolved the issue by refusing to use Appraisal Port, quick and easy.

Jim
That is by far the smartest course!
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  #9  
Old 09-23-2008, 11:47 PM
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I got an account suspened notice from them today. I closed my shop this month any way and told Wachovia and All State that I would no longer do appraisals for them due to this.

Just say no
  #10  
Old 09-24-2008, 12:11 AM
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PropertyEconomics PropertyEconomics is offline
 
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Quote:
Originally Posted by George Ellerman View Post
I think I might start putting a "hold harmless" clause in all of my appraisals !
Do you think that would fly?

Interesting you should ask George. I spoke with an attorney last night, who was looking over the AP agreement, and asked the same question. His opinion was that at the time of order you have a contract with your client. They request you provide a service and in return they will pay you once you complete it. Putting in additional language, after the fact, would most probably result in the client saying they didnt agree to the contract change and thus it is not enforcable. He said that would probably hold up on their side in court.
His recommendation was a letter of engagement on every job you do spelling out the limitations, however, hold harmless would never apply if you committed careless negligence and harmed their borrower.

For what its worth, he also stated that he thought the contract was so one sided in APs favor that it is very doubtful if a court would uphold the agreement, however, its a chance one would take if they were to sign or accept the agreement. He also stated, atleast in our case, that NM law would supercede the contract and that arbitration at their location would also be defeated.

Just interesting thoughts.
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