E & O Insurance

[Kyoung Lee]

I'm an engineer by trade but have been helping my brother with his real estate appraising business for the past 5 years. Things at my engineer job has slowed down a bit and I want to do some part time work doing appraisals. Does anyone know if I can buy E & O insurance at a cheaper rate if I do a minimum amount of appraisals. I want to try to do about 2-3 a week but don't want to pay the same as a person who might be doing 25 a week.

Thank you.

 

[Mike Garrett RAA]

That is like asking Ford to sell you a car for less because you are only going to drive it on the weekend! :rofl: Seriously, being a part time appraiser is more of a detriment than a benefit as far as E & O people are concerned.

 

[Kyoung Lee]

Would you happen to know how much E & O cost a month (approximately)?

 

[Kate]

2-3 a week? Nice.

Sorry, um...who exactly is doing 25 a week again?

I would think the majority of people are doing 2-3 a week.

 

[TC]

I don't know of any insurance companies that let you pay monthly or base the fee on the number of appraisals you complete. If YOU hear of one, let me know.

TC

 

[Thomas Fiehler]

You did not state if you were licensed/certified. If not, I don't believe any insurance carrier will sell you E & O insurance. :asleep:

 

[Chris Colston]

Most E&O policies are based on the amount of coverage not the number of appraisals and it's an annual premium.

If you are a trainee, you'd do better being covered by your supervisor's policy.

I'm not sure what "part-time" appraising is. I've never known a "part-time" appraiser. I certainly don't know anyone doing 25 a week, at least not right now. In fact I don't know any individual appraiser who can do 25 a week EVER. 2-3, 3-5 per week is more the norm at the moment.

 

[Kyoung Lee]

Thanks for the info. I didn't know it was that bad right now. Do you see this trend as being long term or do you think things will turn around anytime soon?

 

[Pamela Crowley (Florida)]

25 appraisals per week, IF done without help and lots of experience and the appraisals being simple cookie-cutter subdivisions where almost all houses are similar in size, age, construction, site, views and additional amenities with lots of current sales to choose from - and doing the necessary due diligence and verification - is next to the impossible dream, even in the best of times.

 

[Kyoung Lee]

Also, I have license and want to set up my own business. Anybody know the procedure?

I've heard, i have to put my business name in a fictitious business section.
Then get a business license, then get insurance and I'm ready to rock and roll.

Is this correct? Am I missing anything?