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E & O Policy
- Thread starter REMREALTY
- Start date
- Status
Darrel Clark
Sophomore Member
- Joined
- Feb 15, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Utah
Lloyd Bonafide
Senior Member
- Joined
- Jan 15, 2006
- Professional Status
- Certified Residential Appraiser
- State
- California
But your client that is doing the FHA loan may require it.
timd354
Elite Member
- Joined
- Jan 11, 2008
- Professional Status
- Certified Residential Appraiser
- State
- Maryland
The real question is why in our litigious society would anyone perform appraisals without E&O coverage?
Darrel Clark
Sophomore Member
- Joined
- Feb 15, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Utah
I generally have all the work I can handle and have NOT had E&O coverage for years. E&O coverage for appraisers is a relatively new phenomenon. I wonder how appraisers ever survived without it for all those years? But again, that’s another whole discussion.
I tried going without for about a year and lost many of my old clients. Most of my recent assignments are either FHA or non-lender. I might consider non-renewal if this pattern continues for the next 6 months.
Vernon Martin
Senior Member
- Joined
- Jun 8, 2005
- Professional Status
- Certified General Appraiser
- State
- California
I have had E&O for just two years, but it is paying off in an unexpected way now.
I filed suit against a debtor two months ago for a $10,000 debt from May 2007, after they continued to duck all phone calls, letters and e-mails. Then the debtor served me with a cross-complaint earlier this month, accusing me of malpractice (over a year after the report was completed). My E&O carrier, AIG, is paying for the defense against the cross-complaint. Without them, I would have had to pay a lawyer $325 per hour to defend myself and would have been forced to drop my debt collection lawsuit in order to get them to drop their lawsuit.
I filed suit against a debtor two months ago for a $10,000 debt from May 2007, after they continued to duck all phone calls, letters and e-mails. Then the debtor served me with a cross-complaint earlier this month, accusing me of malpractice (over a year after the report was completed). My E&O carrier, AIG, is paying for the defense against the cross-complaint. Without them, I would have had to pay a lawyer $325 per hour to defend myself and would have been forced to drop my debt collection lawsuit in order to get them to drop their lawsuit.
- Status