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E & O Going Up?

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80009000

Thread Starter
Freshman Member
Joined
Dec 4, 2007
Professional Status
Certified Residential Appraiser
State
California
I appricate all of you that responded to my post regarding the Mercury Network. Now I have another little bombshell that's been bugging me. As I understand it much of this HVCC BS has to do with shifting liability. In fifteen + years I've not ever even been threatened with a lawsuit however I still pay $900/yr. for a $1,000,000 E & O policy. Has anyone renewed lately and are these insurance companies trying to jack rates??
 

Summer

Member
Joined
Jan 2, 2008
Professional Status
Certified Residential Appraiser
State
Connecticut
It is crazy...my insurance because I deal with 3 million and above doubled...yet I have never had an issue. Thank you Andrew Cuomo.
 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I think you're getting ripped off!!! I'm in California with a $1m policy and mine was only $650.
 

SmilingDog

Member
Joined
Apr 22, 2003
Professional Status
Certified Residential Appraiser
State
California
I think you're getting ripped off!!! I'm in California with a $1m policy and mine was only $650.

What company do you use? Mine's coming up for renewal.
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
It is crazy...my insurance because I deal with 3 million and above doubled...yet I have never had an issue. Thank you Andrew Cuomo.
E&O has nothing to do with Coumo or the HVCC. E&O has everything to do with your volume of business and your market area. Anyway, when was the last time insurance went down?
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
when was the last time insurance went down?
AIG just went down the tubes, if that's what you mean....as taxpayer you'll pay for it twice now.

Expect rates to increase with or without claims. They invest the money and lost much of it. So they need more money to mismanage...rates up.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I personally know two appraisers in my area that a bank is going after individually, each for well into six digits. They'll roll in the E&O insurance companies to fight the suit, which will come back to all of us. You can bet that other banks are now doing the same thing.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
As an oldtimer broker, builder, and appraiser, I have to ax the rhetorical question.... 99.9% of my sales this year have been FHA. Of the few residential appraisals I've done that weren't for estates, court, etc., all have been FHA. So WHY do I have ONE mortgage broker bugging the hell outta me for a copy of my E&O? If it's FHA, why do they care?
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
So WHY do I have ONE mortgage broker bugging the hell outta me for a copy of my E&O?
Fire them and go on. I will not hesitate to fire clients that I see as "high risk". About 2/3rd of the people calling me about appraising mineral rights are looking to contest ownership, quiet title, or looking for an inflated value of goat pasture to "sell" the property to some equally greedy moron thinking they are a big time "oil man".
I had one retardo mad at the gas companies for "only" offering him $1500 an acre and 20% ROYALTY when he "knew for a fact" that his mineral rights were worth $11,000 per acre and wanted me to rubber stamp that value so he could offer it for sale...yeah, right. GFY buddy.
 
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