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EO or Liability Insurance

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Wolverinefan

Member
Joined
Dec 7, 2004
Professional Status
Certified Residential Appraiser
State
Michigan
I need to change Insurance Carriers because my company (US Liability) is dropping Appraisers. My question is, do you have EO Insurance, Liability Insurance or both and which companys are the best?

My understanding is Liability Insurance covers if you damage property etc...., whereas EO is coverage for a mess up (unintentional) of your appraisal.

Also wondering if anyone has ever had to file a claim and what their success was with their carriers?

Thanks in advance
 

Blueprint

Senior Member
Joined
Aug 25, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Do your job well. Do your job in dependable format, at the same time. Throw in a seasoned EO for perception of clients and for security of your intelligent self. Smile after doing that.

No files claimed. No intention to file/receive claims.
 
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Rufus

Junior Member
Joined
Apr 3, 2008
Professional Status
Licensed Appraiser
State
Indiana
I don't know if they are the best or not, but here is where I have my E & O: LIA .

No claims since becoming a trainee in 1999, so I can't help you there.
 

Blueprint

Senior Member
Joined
Aug 25, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Talk 2 other Michigiains!! There is much seasoned info available to you, when accessed properly.
 
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Wolverinefan

Member
Joined
Dec 7, 2004
Professional Status
Certified Residential Appraiser
State
Michigan
I am more concerned about whether I should have E and O or Personal Liability Insurance. I guess it really doesn't matter since I dont plan on getting sued, but then again does anyone ever intend too? People out there are sue happy....
 

laynelucia

Sophomore Member
Joined
Jul 19, 2004
Professional Status
Licensed Appraiser
State
Michigan
I have conversed with those that had LIA. Decent company, good communication, will drop you in a heartbeat after 3 claims. Keep in mind, you might not want to claim State Complaints or small matters.
 

Uoozen

Freshman Member
Joined
Aug 27, 2007
Professional Status
Certified Residential Appraiser
State
California
LIA is rasing Prices!

I have been with LIA for 6 years, with no claims.
Just got a letter stating that due to a significant rise in claims, they will have to raise rates!

The underwriter who handles my account just told me that my rate will go up approx 19%.

If you use them, I suggest giving them a call AND getting at least 3 other quotes.

I will be looking at OREP, NDC and Landry.

Good Luck!:peace:
 

Ruben Ramon

Junior Member
Joined
Dec 29, 2005
Professional Status
Certified Residential Appraiser
State
Michigan
Your not gonna like this, but almost all E & O Carriers are claims made. Once there is a change in carriers or a lapse in coverage, it will be as if you NEVER had coverage.
 

ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Ruben: Would you be so kind as to clarify your comment about the claims made issue. I was under the impression that as long as coverage did not lapse, retroactive coverage was indeed available, even if carriers are changed.
 

Uoozen

Freshman Member
Joined
Aug 27, 2007
Professional Status
Certified Residential Appraiser
State
California
Lia

I am not sure what Ruben is talking about...

I currently have coverage with LIA.
My point is, that I have never had a claim filed against my office and LIA is increasing the rate that they will charge me...based on 'industry' claim activity!!!:new_2gunsfiring_v1:

That is totally unacceptable to me and have already obtained 2 estimates from competing carriers that are LESS $ for MORE coverage!!!!!

Rick Ulrich:icon_mrgreen:
 
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