Hi all,
I left the fee world just over 3 years ago to become a corporate appraiser. At the time I left the business, the only insurance options available were "tail coverage" on my policy, that would take me out 3 years from the expiration date. That date is fast approaching and when I contacted the insurance company, was informed that there is nothing else they can do and that after it expires, any claims would be my responsibility. As I have never had a claim (touch wood) in 18+ years of appraising, and they have had my insurance almost the entire time, I am a little appauled at their lack of flexibility on extending coverage. They said this is the norm for the industry, since most claims happen within a 2-year period of the incident.
Has anyone here retired from the fee world over to staff and run into this situation? Or retired period, and still able to maintain coverage?
I am in an area where prices have declined pretty much back to 2000 and 2001 levels, so we are seeing foreclosures right and left and everyone looking for some kind of scape goat. Although I feel confident in my work product, I am not naive enough to think that I (and others) are free from lawsuits, and this pending lack of coverage concerns me greatly.
Advice? Anyone ever run into this?
