I'm a newbie in Georgia. I am training with an appraisal company as an independent contractor. I have yet to locate an insurance company willing to write an errors & omissions policy on a trainee. Any suggestions?
Unless Ga is different than Washington, until you get your ticket you will be working under a mentor and supervisor right? Their E & O should cover them and anyone they sign for. If it does not, it should.
When I review and sign for my I/C or my employee (trainee) I am taking the full responsability for the report. Man i never spell that right. My policy from CRES Insurance covers me and anyone who signs a report for Freestone.
talk to your boss and have she or he check their policy.
Thank you for your reply. My supervisor and other licensed appraisers working with him, have individual E & O policies, which from what his agent tells me will cover only my supervisor. My exposure would most likely be limited to legal fees--to get my name removed from the lawsuit, which could be costly.
You can find the names of several E&O companies on appraiserdepot.com but I don't personally know of any that will cover a trainee. To the best of my knowledge, you have to be added to your mentor's E&O.
Rob, does the supervisor's insurance tipically cover ANY trainee that the supervisor signs for, or the names or number of trainees covered have to be specified on the policy?
In other words, does the supervisor need to pay extra for each of the trainees, or it doesn’t matter how many trainees he/she works with?
My policy is specific. When I added a trainee recently I added his name. It did not increase my premium. I did not ask how many trainee's or others in the shop it could cover, I have to list each person specifically.
Hope that helps.
Tracy, is your Trainer helping you with this? I don't know what type of agreement you have with your Trainer, but I assume it covers the entire appraisal process which includes setting up your business. Your trainer should be helping you with this. As the earlier posts stated, you should be added to your Trainer's policy.
There are a couple companies which will provide e & o insurance to a "licensed appraiser" with no experience. I don't know if a trainee is considered a "licensed appraiser", probably not.
If interested, you can contact the FREA organization at www.frea.com for clarification. They offer e & o insurance to a "licensed appraiser" as part of the membership. I've been told their insurance is "not admitted" (translates roughly to not formally approved), but it's probably ok. Do
your due diligence.
I'm a trainee and I was able to get insured through the Real Estate Support group out of florida. On the application it asked me if I was in business for less than a year. I indicated less and they ha to give me a little higher rate than normal but they were able to insure me.
OK - I'm in Florida and my trainee is covered under my E & O insurance policy at no extra cost. I had them write a letter for me indicating that he was covered and they did so. It may differ in different states. Each of the certified appraisers have individual policies as well, in fact they are due at different times during the year.
So...mine is an individual policy and covers my trainee at no extra cost. Perhaps your supervisor would be willing to consider an insurance company that would do the same thing? As long as it didn't cost him/her any more money?