Claim on Appraiser's E & O

[springalot]

Does anyone know how to find out if an appraiser has E & O and if they do, how is a claim made? Does it require an attorney who specializes in filing claims against an appraiser and their E & O insurance?

 

[Walter Kirk]

E&O insurance protects the appraiser, not the client. The only way that a claim can be filed against an appraiser's E&O policy is if the appraiser files it.

You can find out if an appraiser carries E&O by asking the appraiser however if someone asked me if I carried E&O I would tell them that it is none of their business.

 

[springalot]

So, if someone was "damaged" by the negligence of an appraiser's work, then that person could potentially procure the services of an attorney to sue the appraiser. The appraiser would then have the option to submit a claim on their E & O to protect themselves financially? If they don't have E & O, then they can be sued personally and their personal assets and/or business assets could be at risk? So really you don't need to know if the appraiser has E & O?

 

[Walter Kirk]

You got it.

 

[Non Sequitur]

You've posted this question in other threads, you really need to consult with an attorney.

 

[springalot]

I see....thank you.

 

[Thomas Fiehler]

Just remember that not all appraisers carry E & O insurance. Sometimes it is a client requirement but not a government requirement. If an attorney would call and ask me if I have E & O, I would likely tell them no since it's none of their darn business. Now, if they want to question me under oath, then that's a different thing.

 

[springalot]

Thanks Thomas.

 

[Stone]

Maybe you could find a real estate lawyers forum.

 

[Michigander]

springalot, one thing to look into before you get really far into this process is to perhaps have a review done of the appraisal to see if there is an issue? There are a lot of people who feel victimized by the downturn in the market; however an appraisal is a snapshot in time and markets can and do change. See if there is something there that isn't simply a correction in the market before going to the expense of a lawsuit. The only ones lawsuits enrich are the attorneys.