• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

New Trainee With An Actual At (trainee) License. E & O Insurance?

Status
Not open for further replies.

A Brit in California

Senior Member
Joined
May 6, 2006
Professional Status
Certified Residential Appraiser
State
California
I have never taken on a trainee before.

Do you think the trainee needs or should have E/O Insurance even if I am signing the appraisal reports?

Any thoughts and/or experience on this matter would be greatly appreciated.

Thank you.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Haven't worked with a Trainee in over 12 years and am sure the New requirements are significantly different now, don't think I would be of much help.

Good Luck
 

nstanbru

Senior Member
Joined
Feb 19, 2009
Professional Status
Certified General Appraiser
State
California
FWIW, my carrier has a provision to add an appraiser to my policy. Just my opinion, but I would want them to have their own.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I have never taken on a trainee before.

Do you think the trainee needs or should have E/O Insurance even if I am signing the appraisal reports?

Any thoughts and/or experience on this matter would be greatly appreciated.

Thank you.

Call your carrier. IIRC the carrier has in their policy that the Trainee has to be covered. I'm not sure if they can get E&O on their own.or must be added to your policy. I'm pretty sure its cheaper to add them to your policy.
 

Russ Kitzberger

Member
Gold Supporting Member
Joined
Jul 3, 2007
Professional Status
Certified General Appraiser
State
Ohio
Any staff were on all business policies we had: E&O, General Liability, Auto (if a driver), and workers compensation. We have taken the point that a professional business needs to be run professionally. In RE to what is required for you; check your insurance providers for what staff need to be on it. In Ohio staff and subs needed to be on State run workers comp, company auto policy per BMV and general insurer regs, and E&O had required that all professional staff be on that as well. Check with your insurance broker and/or an attorney for a legal answer! What an exciting time, growing a business is a real adventure!
 

Obsolescent

Senior Member
Joined
Jul 6, 2004
Professional Status
Certified Residential Appraiser
State
Minnesota
I have a trainee and had to add them to my own policy. He wasn't allowed to get one on his own. Its part of the marriage of taking on a trainee.
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
Although I haven't had a trainee (yet) I know when I was making my bones (2006-2009) my supervisor had to add me to his E&O (LIA). Once I got my CR I then got my own E&O. I do remember calling LIA a few years ago (3-4) and asking about their requirements. At the time, IIRC, they said if I bring on a Trainee I need to add them to my E&O. Any type of admin person I would NOT have to add. So I'd say check with your current provider/carrier
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks