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Required E & O

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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Wyoming tried to pass a law requiring appraisers to carry E & O insurance a few years ago. Did it happen? are there any states which require all appraisers to carry E & O?
 

jtrotta

Senior Member
Joined
Jan 16, 2002
We've had it fer years; but my question to you is, how do you handle Bank Appraisals without it :?: All the ones I've done work for, ask for it upfront - No E&O - no doe, ya know :D

8)
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Wyoming tried to pass a law requiring appraisers to carry E & O insurance a few years ago. Did it happen? are there any states which require all appraisers to carry E & O?

Delaware does not require us to have E & O, but it doesn't matter.
With no E & O, lenders won't send work. Rquired or not, it's a must.
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Ya know, I've had E & O from the beginning, so I don't know if it's required in my state or not.

I agree with the earlier posters--if you don't have it the lenders won't hire you. This is one of the first questions they usually ask.

Additionally, in todays environment I don't see how anyone would want to operate without E & O, it's very affordable and provides a safety net.

-Mike
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
E & O is not required by our commonwealth (Virginia), but it would be almost impossible to get mortgage work without it.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Not required in Colorado. Real Estate brokers are required to carry it and if you are an appraiser also you can get an appraiser's endorsement to your broker's policy for $100 more.
 
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