Do I need E&O Insurance

[Bob Ipock]

Hi. I contract a few times a year with an appraisal company. I've asked if I'm covered under their E&O Insurance. They say, "Yes". However, I'm wondering what to ask for (other than their word) to get confirmation that I am I'm covered for certain. If not I'll buy the insurance. Just don't want to risk losing what little $ I have if someone sues over an appraisal. Thoughts?

You buy the E & O insurance. It covers you not them. Errors and Omissions covers your errors and mistakes. Most lenders require you have it.

 

[Sadie]

Typically an E and O policy covers everyone in the firm. I would call the E and O company to check out your coverage. As a trainee, you cannot perform an appraisal without a supervisory appraiser's signature, I think you are ok, but check with the insurance company to be sure.