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Goodbye Wachovia

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Doug Wegener

Thread Starter
Senior Member
Joined
Apr 14, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Received an e-mail from Wachovia/Greenlink today. It was sent to 4100 appraisers nationwide.

They are requiring E&O in the amount of $1,000,000 now. My current policy is
$300,000 per claim.

Since I only do homes less than a $1,000,000, I cant see a valid reason to carry that much insurance. I can get within $300,000 of any house.

Ever since they got rid of the HomeEq division, I havent seen that much work from them. I cant see a reason to comply with their request.

Goodbye Wachovia.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Check around..... the price differential is worth it. I've had 1mill/1mill since i got certified. no biggie. 2 fees a year -welllll worth it.
 

xmtpedprl

Senior Member
Joined
Dec 6, 2005
Professional Status
General Public
State
Florida
We carry $1,000,000 for this exact reason, and it's bound to become more and more prevalent.

Do ya think they're saying something by making that request, or what...?

;^)

Dave...
 

Midwest Guy

Senior Member
Joined
Dec 12, 2006
Professional Status
Certified Residential Appraiser
State
Missouri
I tend to look at this as failing to buy a shovel to get a bar of gold. Get the tools you need, so you can work.

Received an e-mail from Wachovia/Greenlink today. It was sent to 4100 appraisers nationwide.

They are requiring E&O in the amount of $1,000,000 now. My current policy is
$300,000 per claim.

Since I only do homes less than a $1,000,000, I cant see a valid reason to carry that much insurance. I can get within $300,000 of any house.

Ever since they got rid of the HomeEq division, I havent seen that much work from them. I cant see a reason to comply with their request.

Goodbye Wachovia.
 

Offshore

Senior Member
Joined
Dec 25, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
I got the same email and attachment today. Another concern was #10 and indemnification. It looks very similar to TU’s garbage.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
there are other insurance requirements also.

Something about a General something or other...whats that?

I dont have any employees....I am the only slave.

I do have 1 mil/2 mil E&O
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
I have the 1 mill plus another policy, My wives been in insurance for A lifetime & she remines me of it everytime I mention finding another line of work. & So I have insurance on my insurance. I have not complained about having insurance payments since 1992 when MY insurance saved my @$$ about 1.5 million!! & saved me again in 1995.

However I heard that E&O is going to increase this year across board prices about 20% But that's OK cause all I'd have to do is twice as many Appraisals at reduced fees to pay the increase.
 

REM sleep

Sophomore Member
Joined
Oct 23, 2007
Professional Status
Certified Residential Appraiser
Don't say goodbye

Geico increased my car insurance. Goodbye car??? :Eyecrazy:
 

Jungle Boy

Senior Member
Joined
Oct 30, 2002
Professional Status
Real Estate Agent or Broker
State
Florida
Try Allstate - they saved me a bunch of money. I had Geico for over 10 years, and have had an A1 driving record. Allstate beat them big time.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Something about a General something or other...whats that?

Lemme guess. General Liability...in case you careen off the driveway of the borrower and knock over his jockey and yard gnome or get the cat tangled in your tape and strangle it...and then expect next to be required to have a "hold harmless" clause requirement and indemnify Wachovia. Of course, next is workman's comp upon yourself....so you can file a claim against yourself if you become disabled on the job.

When I was a consultant to oil companies, Santa Fe Energy required the GL and Workmans Comp, and it did have a clause naming them specifically and holding them harmless.
 
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