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E&O Insurance – Are all the plans pretty much the same?

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Jay D. Greener

Freshman Member
Joined
Jul 4, 2002
Professional Status
Licensed Appraiser
State
Colorado
I’m newly licensed (1 yr 3mos as registered) and need to find O&E Insurance. Are all providers selling the same plan? Are some better than others? Is there something specific I need to ask about? I suppose the ‘Defense Lawyer’ fees could get quite high, is this what you’re paying for, or is that an additional form of insurance?

Any help/suggestions would be appreciated.

Thanks,

Jay
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
E&O policies vary in coverage and price as much as health, life, or any other kind of insurance. Get several quotes, and pull out the magnifying glass to read the mice type..... very carefully.

If you are a 2 to 3 man shop, it may be cheaper to get seperate coverage for each appraiser than a policy to cover the whole business.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Jay:

Use the search function at the top of the forum, search under E&O, there have been a number of posts on this topic!

Mel's advice about the mouste type is quite to the point: What you may find is that many E&O policies cover next to nothing.

Be sure that you understand that it applies ONLY to that period of time for which you pay, and that post covereage (for the 3-5 years AFTER you do your last appraisal) costs may vary considerably also.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
We just had a 4 hour continuing education seminar put on by Liability Insurance Administrators this past week. I was favorably impressed with their information. The above post is correct, different companies provide different coverages. Don't make the cost be your only criteria.
 
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