How much E&O and why?

[Darrel Clark]

Liberated,
From what I understand, as long as you stay with the same company, you are covered from your first year with them. So you would be covered for the prior 12 years.

 

[liberated]

Liberated,
From what I understand, as long as you stay with the same company, you are covered from your first year with them. So you would be covered for the prior 12 years.

Thank you, Darrel.

 

[Michigander]

As long as you don't go anywhere else for even a month or two... Just stick with them and never quit appraising. That way you won't need inadequate tail coverage which they will gauge you for and not extend.

 

[David Beasley]

I have been with LIA for 12 years and assumed that I was covered for all prior appraisals as I have kept the same coverage with the same company. Does this hold true?

I am pretty sure that your policy's declarations page (first page of your policy packet) tells you the extent of your coverage - as to how far back it goes - I think they refer to it as the "retroactive date". On LIA's declaration pages, it is box #4.

 

[liberated]

I am pretty sure that your policy's declarations page (first page of your policy packet) tells you the extent of your coverage - as to how far back it goes - I think they refer to it as the "retroactive date". On LIA's declaration pages, it is box #4.

I will have to check the dec page out. Thanks.

 

[liberated]

As long as you don't go anywhere else for even a month or two... Just stick with them and never quit appraising. That way you won't need inadequate tail coverage which they will gauge you for and not extend.

I do not want to ever quit appraising, I have been in this profession for approximately 13 years; however, with the way the market is slowing, I do not know how much longer I can hang in there.

 

[AppServSol]

I can't get LIA to give me my quote this year. I had a request from my state board for a file. I sent in the file and never heard anything back. I even called twice about it and the state agent told me that she would get to it in a couple of weeks. Now my Ins. is set to expire in 08/08 and I can't get LIA to send my quote. Is this common or are they abourt to drop me and leave me uninsured? Anyone have a similiar problem?

 

[Couch Potato]

It depends.

I can't get LIA to give me my quote this year. I had a request from my state board for a file. I sent in the file and never heard anything back. I even called twice about it and the state agent told me that she would get to it in a couple of weeks. Now my Ins. is set to expire in 08/08 and I can't get LIA to send my quote. Is this common or are they abourt to drop me and leave me uninsured? Anyone have a similiar problem?

I hope you are able to resolve your problem, but it does show how it is important to renew as early as you can. States are always slow so if something happens in the last few months of you policy you can have trouble. You can switch companies without losing prior acts coverage, but you must be careful when you do it. The new company will need confirmation of continuous coverage from your prior carrier. It does take time to get everything done, so don't wait until the last minute to try and switch. Also, confirm all the details before giving any money.

The amount of coverage to carry should be based on how much you have to lose. If you rent your residence, drive a 10 year old car and depend on getting an order next week to be able to buy food; you don't need any E & O insurance (unless that order is dependent on you having it.)

 

[George Ellerman]

Don't know wether it's true but have been told by a fairly prominent attorney friend that if someone doesn't carry E&O other attorneys are really reluctant to pursue claims against them as there are no really deep pockets to go after.

 

[Couch Potato]

Partly true.

Don't know wether it's true but have been told by a fairly prominent attorney friend that if someone doesn't carry E&O other attorneys are really reluctant to pursue claims against them as there are no really deep pockets to go after.

That may be true for some appraisers. Some appraisers have substantial assets to protect.