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  #1  
Old 11-08-2009, 03:39 PM
Jayozz Jayozz is offline
 
Join Date: Apr 2007
Location: Discovery Bay
State: California
Professional Status: Licensed Appraiser
Posts: 37
Default E&o

I'm probably leaving the business, so I was wondering does anybody have a lead on the least expensive E&O insurance, with minimal coverage and monthly payments? We have to pay for it for 5 years from our last appraisal. (wish I knew that before) I understand you can get tail or ERP insurance to cover you for the next 2-3 years or lifetime, but that is an expensive hit, unless there are companies that will finance. There is no more work, therefore I have no money, but I don't want to look over my shoulder for the next 5 years. Any help would be appreciated.
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  #2  
Old 11-08-2009, 03:48 PM
panappr panappr is offline
 
Join Date: Dec 2007
Location: Los Angeles
State: California
Professional Status: Certified Residential Appraiser
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How much are you paying?
  #3  
Old 11-08-2009, 04:00 PM
Jayozz Jayozz is offline
 
Join Date: Apr 2007
Location: Discovery Bay
State: California
Professional Status: Licensed Appraiser
Posts: 37
Default

$570 a year for 300/600 coverage. and can make payments for 9 months with $192 down. I stepped down my coverage from $644 a year 500/1,000,000.
  #4  
Old 11-08-2009, 06:13 PM
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VolcanoLvr VolcanoLvr is offline
 
Join Date: Oct 2003
Location: Inside the ring of fire
State: Washington
Professional Status: Certified Residential Appraiser
Posts: 2,892
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Contact OREP in San Diego. You might be able to get 'prior acts only' coverage. If you are really out of the business, decline their 'processing fee' of $50 which you won't need.
  #5  
Old 11-08-2009, 06:45 PM
Jayozz Jayozz is offline
 
Join Date: Apr 2007
Location: Discovery Bay
State: California
Professional Status: Licensed Appraiser
Posts: 37
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OREP has been my carrier, I'm hoping for something less money.
  #6  
Old 11-08-2009, 06:51 PM
Restrain Restrain is offline
 
Join Date: Jan 2002
Location: Port Charlotte, FL
State: Florida
Professional Status: Certified General Appraiser
Posts: 10,546
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If you don't have a license, what are they going to do? Take your license away?
  #7  
Old 11-08-2009, 07:07 PM
Jayozz Jayozz is offline
 
Join Date: Apr 2007
Location: Discovery Bay
State: California
Professional Status: Licensed Appraiser
Posts: 37
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I do have a license, but that is not just what they are interested in. They want damages $$$$. If you don't have money to pay them, you will still be taken to court and pay court and lawyer fees, which I dont have either being flat broke and ensolvent as I have become.
  #8  
Old 11-09-2009, 08:33 AM
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Mike Garrett, RAA Mike Garrett, RAA is offline
 
Join Date: Jan 2002
Location: Colorado Springs, CO
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 21,065
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30 years as an appraiser and 41 as a real estate agent...never had a law suit or a claim against my E & O. When I leave the business I think I will take a chance!
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  #9  
Old 11-09-2009, 11:58 AM
Mike Boyd Mike Boyd is offline
 
Join Date: Jan 2002
Location: Santa Rosa, CA
State: California
Professional Status: Retired Appraiser
Posts: 11,822
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You might want to try State Farm specialties insurance.

I'm on the same bandwagon as Mike G. Except, I did have one claim from 16 years ago.

If you have no assets, you don't have to worry about a judgment. Just threaten bankruptcy if someone intends to sue you.
  #10  
Old 11-09-2009, 12:02 PM
panappr panappr is offline
 
Join Date: Dec 2007
Location: Los Angeles
State: California
Professional Status: Certified Residential Appraiser
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Does anyone know if there is a statute of limitations regarding appraisal related issues?
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