• 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 Insurance renewal excludes Mold coverage

Status
Not open for further replies.

Mike Ferrara

Freshman Member
Joined
Mar 14, 2002
Our office just recieved our renewal for E & O insurance. They have excluded coverage for mold. They say most of the company are now doing the same. This doesn't make sense for them to not cover the one thing that I have no control over.
Is this happening to the rest of you ? What company doesn't have this clause?
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Have not renewed yet, but will look very closely at the policy. I suspect that most all will exclude, or at least limit mold coverage.

P.S. Another thought, check your home owners insurance when you renew.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Mike, .....Not all carriers have withdrawn mold coverage. Mine, at least at this time, offers it. I will renew in July, and find out in June what the options are then. Statistically, there is lesser need for me to be as concerned about it here than what others are experiencing in other states. Your next-best "coverage" is to be sure your property observation procedures are sharp, that you describe very well (in simple easy language) exactly what "stuff" you might see, and where it is. Consider sources and locations of possible problems which might cause mold to occur. Take a photo of what is "readily observable". Remember, it is usually not our job to go behind walls and under floors. Include those text comments and photos in your report. Place the obligations on your client, and other professionals, to determine whether they need further investigation. Do NOT conclude that it IS mold, just state how it might be worthy of someone else's conclusion.
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Just got the renewal in on my condo investment property and the homeowners insurance company is not covering mold damage either.

Ben
 
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