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Old 05-06-2011, 01:04 PM
Tom O'Malley Tom O'Malley is online now
 
Join Date: Jul 2006
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 173
Default Genral Star E+O

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!
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Old 05-06-2011, 09:57 PM
Pat Butler Pat Butler is offline
 
Join Date: Jan 2002
State: Illinois
Professional Status: Certified Residential Appraiser
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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  
Old 05-06-2011, 10:42 PM
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AnonApprsr AnonApprsr is offline
 
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State: Massachusetts
Professional Status: Certified Residential Appraiser
Posts: 6,285
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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.
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  #4  
Old 05-07-2011, 06:16 AM
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John Marshall John Marshall is offline
 
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Location: Atlanta area (Woodstock)
State: Georgia
Professional Status: Certified General Appraiser
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I believe Landy is continuing to insure appraisers but with another company.
  #5  
Old 05-08-2011, 10:19 AM
Privateer Privateer is offline
 
Join Date: Apr 2008
Location: Southern California
State: California
Professional Status: Banking/Mortgage Industry
Posts: 328
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Quote:
Originally Posted by Tom O'Malley View Post
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!
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 by Privateer : 05-08-2011 at 04:29 PM.
  #6  
Old 05-08-2011, 10:30 AM
jwd appraisals jwd appraisals is offline
 
Join Date: Nov 2008
State: New Jersey
Professional Status: Certified Residential Appraiser
Posts: 74
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Quote:
Originally Posted by Tom O'Malley View Post
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!

I use Landy also. When did this happen?
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