• 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 Policy

Status
Not open for further replies.

REMREALTY

Freshman Member
Joined
Aug 7, 2007
Professional Status
Licensed Appraiser
State
New Jersey
Does the FHA have minimum requirements for E & O coverage?
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
FHA does not require an appraiser to carry E&O.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Does the FHA have minimum requirements for E & O coverage?

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
The real question is why in our litigious society would anyone perform appraisals without E&O coverage?

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.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
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.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I don't think I would like to take the chance of not having E&O insurance. I don't think it is a relatively new phenomenon. I've had E&O coverage since 1995.
 

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.
 
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