E & O

[TerryRohrer]

As far as I am concerned, the only reason to carry E&O is to get work from clients that require it. If you are not doing appraisals, I would drop it. If I quit appraising I will simply stop carrying it, destroy all my files, and move on. However, I am comfortable defending my work and have no illusion that an insurance company will represent MY best interests.

 

[jay trotta]

yes it is but I have to keep the whole policy in effect for it to be good for past acts?

Accordingly, you haven't practiced in 8 years, if you're not doing the work why keep your license??

 

[jay trotta]

As far as I am concerned, the only reason to carry E&O is to get work from clients that require it. If you are not doing appraisals, I would drop it. If I quit appraising I will simply stop carrying it, destroy all my files, and move on. However, I am comfortable defending my work and have no illusion that an insurance company will represent MY best interests.

the insurance company does not, on it's own protect your interest. They provide a (qualified) attorney to represent you.

In the only instance I ran into in 25 years of my practice, had some twit (from one of the bug Banks, who think they are special) make an attempt at it. Notified my E&O carrier, (they do get scared when you call) and they eventually provided a decent attorney (I only had 3 weeks to respond) who went over my Rebuttal to the state and only made (2) changes within the 5 pages of work I provided to him and never heard anything more, that was 10 years ago.

 

[chad hampton]

I’d drop it. It’s been 8 years. I’m dropping mine the day after I do my last one.