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E&0 Insurance

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SETHTRUMAN

Freshman Member
Joined
Aug 16, 2007
Professional Status
Appraiser Trainee
State
Florida
I'm currently a trainee that has finished my experience requirements and will soon be taking exam. Just looking for advice on E&O companies and/or policies>
 

EVAUSA

Junior Member
Joined
Jan 26, 2008
Professional Status
Certified Residential Appraiser
State
California
General Star (Landy) has good prices, I tell my trainees to have at least $300K per claim. I carry $500K per claim.
 

saemmons

Freshman Member
Joined
May 28, 2008
Professional Status
Certified Residential Appraiser
State
Massachusetts
I also have Landy, but I do carry $1M - $2M, I am certified in Massachusetts and do have over million dollar properties.
 

hglenbetts

Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
Ya, I just did this 6 weeks ago when I passed the exam. Studied and got quotes from all I could find. Landy had the best rates and by far the best reviews on the forum.

Search E&O and read some of the threads.

Good Luck
 

EVAUSA

Junior Member
Joined
Jan 26, 2008
Professional Status
Certified Residential Appraiser
State
California
I also have Landy, but I do carry $1M - $2M, I am certified in Massachusetts and do have over million dollar properties.

My view is to incorporate the business and carry as little insurance as possible. I've never been sued (knock on wood), but if I were, they aren't going to get any more than the 500K I'm insured for, the $$ just doesnt exist. If I were insured for 1Mil, you bet, they'd probably file claim for 1Mil. Another thing to think about is typically a claim is going to be for the amount of error. Just because I appraise a 3Mil property, it may only be a $250K mistake. I blackout how much my coverage is on my policy when a client requests it and let them call Landy to see how much they can sue me for. Yea, it sounds backwards, but it's the deep pockets that get targeted.
 
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