• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

E&O Coverage and the "Crisis"

Status
Not open for further replies.

Luzette Eaves

Thread Starter
Junior Member
Joined
Mar 22, 2003
Professional Status
Certified General Appraiser
State
New York
Now that the best and the worst of us will all be under scrutiny, and everone in between, how can we possibly fine an E&O insurer that will protect us from unhappy clients, but also over zealous boards over responding to current crisis?
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
You choose an E&O company like you'd choose a good
physician. I'm happy with mine. I'd recommend them,
but its like group medical insurance, if the word gets
out, then a bunch of smucks will cause my rates to rise.

Look for a company that isn't necessarily the cheepest, the
one that 'communicates' with you, one that actually understands
the appraisal business. Choose the company that is difficult
to get them to take your money.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Possibly the most difficult part will be finding an attorney that is competent or willing to become competent on USPAP and appraisal issues!!!!!
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Bundle your insurance with a good agency. E & O, Commercial Auto, Gen
Liability. That will bring your rate down somewhat and give you good protection for the unknown.
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
As with any insurance product, it's all about the exposure and appetite.

With the way real estate is these days, this partictular market, E&O, will become hard. Higher premiums and tougher underwriting will become the norm.

As an insurance agent, I prefer a hard market. Less providers, more premium and massive volume is no longer necessary. I wish personal lines would tighten up a bit. We are getting killed with all the competetion. Everybody sells car insurance these days.

Ray, I bet you are 1 of 100 that actually has commercial auto for their appraisal business. Heck, I bet 1 in 500 real estate agents has it. They truely need it most driving clients around.
 

Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
Remember the SAT?

I loved the analogies section...(780 verbal!!)

PMI companies are to the safety net of Mortgage investors as

__________________ are to the safety net of appraisers.



Did all that PMI help stave off the onslaught of losses? Are they getting the bill for 20% of the half million or so houses that foreclosed last year with inflated values?

Guys, I don't believe for one minute that there is an insurance policy that will protect you if you find yourself in the center of this storm. Whether you deserve to be there or not, the boards are about to redefine the meaning of the word zeal.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Ray, I bet you are 1 of 100 that actually has commercial auto for their appraisal business. Heck, I bet 1 in 500 real estate agents has it. They truely need it most driving clients around.


I learn a hard lesson several years ago, when I had an accident. Insurance company found out that I was using my van for horse shoeing. They refused to pay the claim. I also learn that even with commercial auto insurance that they set limits on the distance from your base. Fifty miles, hundred miles, etc, or unlimited. If you are outside the 50 mile zone. Your dead meat as well.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Larry: Old news - they took the analogies OFF the test:angry:

Best to go with a company that specializes in APPRAISERS...

and has the competency to defend on the basis of USPAP and issues of LAW...

And will hopefully be around when the dust settles... good luck finding one with all three...

I for one am pretty impressed with the folks here:
LIA weblink
(no financial interest) I think they do have a pretty good handle on the REAL issues.

Sadly, to stay alive, insurers need to know when to cut YOUR losses to stay in business... and they will do so whether you want that to happen or not. we aren't up to Doctors malpractice fees - yet... but wait n see!
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks