403) E & O Woe
09/08/08
Dear Henry,
Do you have any advice for obtaining E&O insurance after a claim has been filed against you? Is there any life possible as an appraiser after a law suit that is unfounded but required legal assistance?
Primo M.
Dear Primo,
As far as I know there is no insurance that you can buy that will cover a loss that has already resulted in a law suit.
Further bad news is that even applying for a policy that will cover you for future losses is not going to be easy, as they will want to know your loss experience. However, I would apply to all of the companies that advertise in REVMAG Online as they are some of the best in the field. You should tell them the truth about you present claim so that if they issue a policy they cannot later claim you obtained the policy on a fraudulent application and therefore void the policy. Once you settle you present claim you should apply again to see if you can get a lower rate.
I can sympathize with you as I was sued for a large amount when I was an active appraiser and even though I had insurance (with a $5,000 deductible which I had to send to the insurance company before they even started to defend me), it was a terrifying experience. Eventually, I was proven not to be at fault, but it took years.
The bad news is that you must immediately hire an attorney to defend you and hope they will put an end to the problem.
H2
Do you have any advice for obtaining E&O insurance after a claim has been filed against you? Is there any life possible as an appraiser after a law suit that is unfounded but required legal assistance?
Primo M.
Dear Primo,
As far as I know there is no insurance that you can buy that will cover a loss that has already resulted in a law suit.
Further bad news is that even applying for a policy that will cover you for future losses is not going to be easy, as they will want to know your loss experience. However, I would apply to all of the companies that advertise in REVMAG Online as they are some of the best in the field. You should tell them the truth about you present claim so that if they issue a policy they cannot later claim you obtained the policy on a fraudulent application and therefore void the policy. Once you settle you present claim you should apply again to see if you can get a lower rate.
I can sympathize with you as I was sued for a large amount when I was an active appraiser and even though I had insurance (with a $5,000 deductible which I had to send to the insurance company before they even started to defend me), it was a terrifying experience. Eventually, I was proven not to be at fault, but it took years.
The bad news is that you must immediately hire an attorney to defend you and hope they will put an end to the problem.
H2
271) Trainee E&O
03/15/08
Dear Mr. Harrison,
Should Appraisal Trainees take out a policy for E&O insurance while they are still under the supervision of a senior appraiser, who signs all their reports?
Thank you.
Rebecca Pickart rpickart1@yahoo.com
Dear Rebecca,
It is often cheaper to have the office you work for have their policies written to cover you as a trainee.
H2
Should Appraisal Trainees take out a policy for E&O insurance while they are still under the supervision of a senior appraiser, who signs all their reports?
Thank you.
Rebecca Pickart rpickart1@yahoo.com
Dear Rebecca,
It is often cheaper to have the office you work for have their policies written to cover you as a trainee.
H2
21) Trainee E&O
12/11/06
Dear Henry,
In the state of Florida is it necessary for a Trainee Appraiser to carry E & O insurance? All trainee work is reviewed and approved by licensed or
certified appraisers and reports are signed by these supervisors who are covered by their E & O insurance.
Is the trainee coverage redundant to the supervisor's coverage?
Thank you,
Richard Elwood dickelwood@comcast.net
Dear Richard,
I believe that the only way a trainee would be covered by their supervisor's insurance in the event of a lawsuit is if the supervisor's insurance specifically said that this additional coverage were provided. This probably also could be accomplished by having the Trainee named as an additional insured.
H2
In the state of Florida is it necessary for a Trainee Appraiser to carry E & O insurance? All trainee work is reviewed and approved by licensed or
certified appraisers and reports are signed by these supervisors who are covered by their E & O insurance.
Is the trainee coverage redundant to the supervisor's coverage?
Thank you,
Richard Elwood dickelwood@comcast.net
Dear Richard,
I believe that the only way a trainee would be covered by their supervisor's insurance in the event of a lawsuit is if the supervisor's insurance specifically said that this additional coverage were provided. This probably also could be accomplished by having the Trainee named as an additional insured.
H2