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E & O Insurance

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Mark4230

Thread Starter
Freshman Member
Joined
Feb 25, 2008
Professional Status
Certified General Appraiser
State
Texas
Do most small-volume residential appraisers in Texas carry E & O Insurance? If so, who is a good carrier and about how much does it cost? My firm does about 200 residential appraisals per year and has never carried E & O Insurance. Many years ago I checked on E & O Insurance and in Texas, we found that it was essentially a one-time policy. If there was ever a claim on the policy, you were uninsurable from that point forward...or at least they jacked your rates up so high that you couldn't afford to pay. Any thoughts?
 

The Nightfly

Junior Member
Joined
Jan 23, 2008
Professional Status
Certified Residential Appraiser
State
Texas
I recommend E&O...you can get decent coverage for well under $1,000/year, which in my opinion is good piece of mind in this sue-crazy America. I know there is plenty of talk on E&O on the other threads, but I ended up going with Liability out of California...they are the only ones that I know of who claim to actually fight a suit if they believe that you're right - others openly admit that they will settle if they believe that will be cheaper.
 

The Nightfly

Junior Member
Joined
Jan 23, 2008
Professional Status
Certified Residential Appraiser
State
Texas
To add to that...I do well over 200 residential appraisals a year, so my risk is greater I suppose. But...I always figured that if you create a quality report it will be very hard for something to actually take place - perhaps that's simplistic...but 8 years and counting!
 

Cob

Senior Member
Joined
Mar 30, 2006
Professional Status
Certified Residential Appraiser
State
Texas
I recommend E&O...you can get decent coverage for well under $1,000/year, which in my opinion is good piece of mind in this sue-crazy America. I know there is plenty of talk on E&O on the other threads, but I ended up going with Liability out of California...they are the only ones that I know of who claim to actually fight a suit if they believe that you're right - others openly admit that they will settle if they believe that will be cheaper.

The only argument I would have is once someone finds out you don't have E & O insurance, the odds of them suing you are very small.
 
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