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  #1  
Old 12-29-2004, 03:18 PM
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Elliott Elliott is offline
 
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Location: Pumpland
State: Oregon
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Liability Insurance Administrators just sent me my
E&O renewal with notice of a 22.5% rate increase.
I assume they have to increase their reserves to
cover all those "high" appraisal time bombs waiting
to go off.

Damm Skippies

elliott
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  #2  
Old 12-29-2004, 03:26 PM
Phil Rice Phil Rice is offline
 
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Location: Aurora, CO
State: Colorado
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United States Liability Insurance Company sent me a notice that if I renew (in March), the new policy will have a clause that says I am not covered for any action brought by a "bank or financial institution".

I called and asked if the decrease in coverage would translate to a decrease in my premium, they said nope, I could expect to pay more.

In 5 years, I never made a claim, or had even a hint of any kind of compaint against me.
  #3  
Old 12-29-2004, 03:34 PM
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J in Florida J in Florida is offline
 
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Quote:
Originally posted by Phil Rice@Dec 29 2004, 04:26 PM
United States Liability Insurance Company sent me a notice that if I renew (in March), the new policy will have a clause that says I am not covered for any action brought by a "bank or financial institution".

Well, that's ONE way to get rid of appraisers.
  #4  
Old 12-29-2004, 04:14 PM
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Mister Ed Mister Ed is offline
 
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We use them and have not heard that one yet.
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  #5  
Old 12-29-2004, 04:23 PM
Mountain Man Mountain Man is offline
 
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Location: North of the ATL.
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Got the same letter from US Liability. They also no longer want to cover appraisers who do commercial work...... so, am now shopping for new E&O.
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  #6  
Old 12-29-2004, 04:35 PM
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Ray Miller Ray Miller is offline
 
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Location: Southwest Wisconsin
State: Wisconsin
Professional Status: Licensed Appraiser
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I use General and they are covering me for both commercial and res. Gen Lib is carried with Travelers.

I just renewed in Dec.
  #7  
Old 12-29-2004, 05:20 PM
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Willie Willie is offline
 
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State: Tennessee
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I use them, but guess I'll have to find another. What a joke? The only thing worse than a skippy is a lawyer. <_<

I've paid for nearly 10 years. Never had a claim. Paid around $4000 in premiums. I guess that doesn't come close do defending one suit.

To me, it says we must increase fees, as our E and O will likely increase. But that will not ever happen, I don't think.
  #8  
Old 12-29-2004, 06:15 PM
Walter Kirk Walter Kirk is offline
 
Join Date: Jun 2003
Location: Audubon, N.J.
State: New Jersey
Professional Status: Licensed Appraiser
Posts: 4,397
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I just tried to get a new fire insurance policy for my office building and I was rejected because there is "no market for appraisers". When I asked my insurance agent if this was a mistake he said that it was not. The insurance company is afraid that it can be liable in a malpractice suit under the extended coverage clause.
  #9  
Old 12-29-2004, 09:58 PM
Edd Gillespie Edd Gillespie is offline
 
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Location: Kansas Territory

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Quote:
Originally posted by William Robinson@Dec 29 2004, 06:20 PM
The only thing worse than a skippy is a lawyer. <_<
I was going to say that, but now that you took it I will say the only thing worse than a Skippy and a lawyer is an E&O carrier.
  #10  
Old 12-30-2004, 12:03 AM
Bryan Kubiak Bryan Kubiak is offline
 
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Location: Sacramento Area

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So lets say you change E&O ... would the new E&O cover a report with an effective date before your signup date with the E&O company?

If not seems like that will leave a lot of people exposed.
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