How much E&O and why?

[ayekantspeylgud]

We have $1mil but we're also a larger firm and it might be necessary. We have some clients that require $1mil per incident.

 

[Uoozen]

Talk with your LIA underwriter !

I also received a letter from LIA stating that due to increased claim activity, it would be necessary to raise appraisal E&O rates.

I called my underwriter and told her flat out that: 1.) I have been insured by LIA for 8 years. 2.) I have never had a claim filed against my office during that time. 3.) Do not anticipate any claims due to having a reputable client base and an extremely high level product and quality review process. 4.) I would not support losses that LIA has suffered due to other appraiser clients. Not my problem!

I received a revised quote letter, 2 weeks later, with no rate increase!!!

"Confront the problem in your mind first, then communicate the perceived incongruity." me

Regards,

RUlrich

 

[RSW]

I carry $1,000,000 and have for several years. I've been with the same company since 1995 and I don't plan on switching. I don't think I would want to do an appraisal without E&O insurance. That's a scary thought!

 

[JTip]

All this talk of E&O.....

How many actually have a GL policy? You are far more likely to damage something in a clents home before you will get sued, this depends on the appraiser ethics of course.

Working out of your home? Is your homeowners endorsed to cover your business pursuits? Business property? Unendorsed, your policy will not cover your office, laptop or plat map books..... Any clients, homeowners or agents, come to your home office? Premisis liability will not apply to an unendorsed homeowner policy.

The right company should offer a business owners policy with an E&O endorsement.

 

[RSW]

All this talk of E&O.....

How many actually have a GL policy? You are far more likely to damage something in a clents home before you will get sued, this depends on the appraiser ethics of course.

Working out of your home? Is your homeowners endorsed to cover your business pursuits? Business property? Unendorsed, your policy will not cover your office, laptop or plat map books..... Any clients, homeowners or agents, come to your home office? Premisis liability will not apply to an unendorsed homeowner policy.

The right company should offer a business owners policy with an E&O endorsement.

I have a $10K bond and I also have a rider on my HO Policy for my office equipment, my music equipment and my wifes jewelry.

 

[JTip]

I have a $10K bond and I also have a rider on my HO Policy for my office equipment, my music equipment and my wifes jewelry.

So no GL? Not sure what a bond will do for you in the day to day business of an appraiser. What type of bond is it?

You can probably pick up a $300K GL policy for $250. Minimal exposure, minimum premium.

 

[Sheikh Yerbouti]

I just appraised a property for $345 million. So should I get a $300,000, $500,000, or $1,000,000 policy? I'm just asking. :new_all_coholic:

 

[Jason Barber]

I just appraised a property for $345 million. So should I get a $300,000, $500,000, or $1,000,000 policy? I'm just asking. :new_all_coholic:

You should purchase 345 of the $1,000,000 policies just to be safe.

 

[RSW]

So no GL? Not sure what a bond will do for you in the day to day business of an appraiser. What type of bond is it?

You can probably pick up a $300K GL policy for $250. Minimal exposure, minimum premium.

My bond is for is I break something or if something turns up missing and they try to blame it on me.

 

[Urbanz]

I work directly for a couple of large banks, they require me to have amillion. I used FREA.com, they are cheap and good.