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How's Your E & O Premium

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Terrel L. Shields

Thread Starter
Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Despite doing 20% less biz, my E & O jumped by that much. I was wondering. Does that reflect the insurance company trying to reassess the risk of insuring appraisers in this market....or worse?

Perhaps they have invested our premiums into CDO's and subprime hedge funds and are losing money....wouldn't that be a bite. We get the whammy because Bozo the insurance guy funded some AAA+ Subprime Hedge Fund......
 

Indiana Jones

Member
Joined
Oct 16, 2002
Professional Status
Licensed Appraiser
State
Indiana
Just renewed in January. Same price as last year, and the year before that.
 

Terrel L. Shields

Thread Starter
Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Mine is different every year. Been from $2400 down to $850. About $1050 this year.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Despite doing 20% less biz, my E & O jumped by that much. I was wondering. Does that reflect the insurance company trying to reassess the risk of insuring appraisers in this market....or worse?

Perhaps they have invested our premiums into CDO's and subprime hedge funds and are losing money....wouldn't that be a bite. We get the whammy because Bozo the insurance guy funded some AAA+ Subprime Hedge Fund......

Mine dropped 20% because they give discounts to appraisers who do reviews.








(just kidding! :rof: )
 

frozone

Sophomore Member
Joined
Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
New York
Up 15% over last year. Despite a lower reported income.
 

frozone

Sophomore Member
Joined
Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
New York
Mine dropped 20% because they give discounts to appraisers who do reviews.

(just kidding! )

For about 2 seconds I was thinking......WHAT???:Eyecrazy:
 

Terrel L. Shields

Thread Starter
Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
they give discounts to appraisers who do reviews.
they should give them because they PASS review....
 
Joined
Mar 30, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
LIA is great.

Over the last 3 years (2005-2008) ours has gone DOWN about $150 a year.
2007 saw a complaint to the state (dismissed by the board) that did not have any impact on our renewal, or fee.

We have LIA by the way.
 

FRAN HARDER

Freshman Member
Joined
Apr 30, 2006
Professional Status
Certified Residential Appraiser
State
Oregon
FYI: RESSI uses (General Star Nat'l Ins. Co. - rated A+ carrier by AM BEST) offers $1mill limit w/ $500 ded. which includes defense costs/ excludes MOLD...who doesn't these days. Ann'l premium has been $625 ($590 + $35 processing fee) for past two years. I checked LIA for competitive quote this past week ... for same covg LAI premium was $1059. (Note if using RESSI - pay by check, if you pay by credit card there is a 3% surcharge. ) The contact number for quotes I have is (800) 405-5005. Hope this helps.
 

George A Easton

Junior Member
Joined
Jan 5, 2004
Professional Status
Certified Residential Appraiser
State
Arizona
had me going too

i just got off the phone to renew mine and the girl asked if i do reviews, because if i did, it's a different rate. i didn't bother to ask her how much more it is- so your quote freaked me out for a second

Mine dropped 20% because they give discounts to appraisers who do reviews.








(just kidding! :rof: )
 
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