E & O Going Up?

[80009000]

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]

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]

I think you're getting ripped off!!! I'm in California with a $1m policy and mine was only $650.

 

[SmilingDog]

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]

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]

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.

 

[Non Sequitur]

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.

100% correct.

 

[Restrain]

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]

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]

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.