Insurance, Education, Information
Individual Appraiser E&O Rates
|Per Claim/Annual Aggregate||Most States|
|$1,000,000 / $2,000,000||$650.00|
|$500,000 / $1,000,000||$573.00|
|$300,000 / $600,000||$501.00|
Please Note: Rates vary by state. Commercial rates are slightly higher. Please call or visit www.orep.org for more (888-347-5273).
A standard deductible of $500 per claim/$1,000 aggregate is included with each policy. Prior acts coverage is provided free for qualified applicants (call for details). Beginning appraisers/trainees qualify. If you would like an application for this program or a quote for a multiple-appraiser firm or for sales/brokering, please call or visit OREP: (888) 347-5273 www.orep.org. Subscription to Working RE Magazine included. Financing available.
Appraiser E&O Options
- Combine Appraising, RE Sales and Brokering: One low premium covers both appraising and sales/brokering. Firm coverage includes all appraisers/agents: $429-$600 (most states)
- Appraisal Firm Coverage: If you are experiencing an increase in rates, a decrease in coverage or new exclusions that seem unreasonable, it pays to shop OREP when your firm’s E&O policy is expiring. Many firms are switching to OREP.
- AMCs: Many appraisal management companies are forming in the wake of HVCC. If you need this additional coverage, OREP can help.
- Retiring: If you are retiring from appraising, ask your insurance agent about purchasing extended reporting Period or “tail” coverage. Without it, you are exposed for any liability that may arise from past appraisals. Premiums range from one to one-and-one-half times (100%–150%) your last year’s premium and can provide coverage forever into the future for past appraisals. Each program is unique. Call your agent for details if you are planning to retire.
- Trainees: You qualify for the same low rates with OREP.
Call or visit today: www.OREP.org • (888) 347-5273 • firstname.lastname@example.org
New 7 Hour USPAP CE Online: Convenient, Affordable
Enjoy an OREP/Working RE discount on Mckissock’s new 7 Hour USPAP online continuing education course, approved in most states. Taking this mandatory continuing education coursework is affordable and convenient with this new online course. Learn and earn (CE) on your schedule! Visit WorkingRE.com and click USPAP CE at a Discount under the Resources tab to learn more.
Working RE: New Home Inspector Edition
You’ll find two issues, full of valuable content exclusively for home inspectors, posted online at WorkingRE.com. Stories include: Examining Agent-Inspector Relationship, Staying Safe Out There, Manufactured Homes: One that Almost Got Away, In Search of Perfect Home Inspection, Playing “Not Readily Accessible” Inspection Card, Expert Witness Subpoenas: Don’t Work for Free, Reducing Liability: Setting Proper Expectations and much more.
2013 AMC Resource Guide
“Hi All—The new 2013 AMC Guide is out! I completely updated the entire list- I removed deadbeat AMCs, the ones that never send work, and most of the companies that do not have online applications. I also re-organized the list so the top 50 companies send me the most work. Of these, 99 percent are national, so most likely they have work in your area. The top 10 are MY BEST CLIENTS!” -Bryan
The 2013 AMC Resource Guide has over 200 verified AMCs listed, with the first 50 sending over 90% of the author’s work. Expand your business and find the AMCs that pay fairly and know how to treat an appraiser like a professional. You control who you work for instead of the other way around. The 2013 AMC Resource Guide helps increase orders so you can turn down low-fee AMC work, negotiate fees from a position of strength and confidence and refuse to work for the AMCs that under value you with low-fee work and endless streams of unnecessary corrections and stipulations. Visit WorkingRE.com to order or email your request to email@example.com.
Calypso Approved Continuing Education
Calypso is a new and innovative continuing education provider. These online classes include professional-produced video segments, interactive games and exercises, and more! Courses approved in most states. Email firstname.lastname@example.org to receive Discount Code. (Calypsocontinuinged.com.)
Continuing Education at Cost
“The class was great and the price was even better. Please let me know if you any others discounted classes.” Thanks, Eric
Appraisers and Agents:
Online McKissock course, Essential Elements of Disclosures and Disclaimers ($79/5 hrs. approved continuing education in most states), is available to OREP Members/Affiliates for administrative costs ($15.64). The purpose of the course is to provide appraisers with the tools to meet their disclosure obligations, while at the same time protecting them from unintended liability through the use of appropriate disclaimers. How and where must an appraiser disclose prior services provided on the subject property within the prior three years? How should repair items be disclosed in an FHA appraisal report? How should significant real property appraisal assistance be disclosed? How can an appraiser protect himself or herself when there appears to be mold in the basement? This course provides the essential elements of disclosures and disclaimers in appraisal reports. Every appraiser will benefit from this course. (Visit OREP.org/benefits.asp and click on OREP Education Network)
Online Mckissock course Home Inspection Safety ($45/3 hrs. ASHI, NAHI, NACHI approved and also by 15 states), is available at administrative costs to OREP Members and Affiliates (ASHI, NAHI, NACHI: $5.74; varies by state). See Home Inspection – Staying Safe out There for more information from the course inspector/author by Peter Hawley. The objectives of the course are to: identify protective clothing that should be worn, recognize safety equipment used, understand limitations and exclusions, discuss general safety issues, recognize lead paint, asbestos, etc., discuss electrical safety, understand, heating and air conditioning precautions, recognize un-permitted additions and more. (Visit OREP.org/benefits.asp and click on OREP Education Network.)
Mortgage Field/Property Preservation
Many appraisers and home inspectors are now providing mortgage field and property preservation services for bank-owned properties. OREP has provided E&O and GL insurance to this industry for over 8 years and is a leader in the field. If you’d like a quote, please call or visit OREP.org, (888) 347-5273.
OREP Announces New Home Inspector Insurance Program
Cadillac Coverage: E&O + General Liability
$1,250 /$300k Limit
Home Inspectors no longer have to pay more for the complete coverage they need. A new program from OREP includes most coverages in the minimum premium ($1,250), including General Liability. The new insurance program allows inspectors to have complete coverage and save money! David Brauner Insurance Services/OREP has been servicing the insurance needs of home inspectors for 11 years.
Includes Errors and Omissions (E&O) and General Liability coverage, as well as most incidental coverages, such as termite, radon, and commercial coverage.
“A” Rated Carrier, Prior Acts, Additional Insured for Agents and other Referring Parties.
Convenient: Fast, Self-Rating Application gets you quoted and back to work in minutes.
No Policy fee, no Taxes.
“Home inspectors who are paying extra for ‘add on’ coverages, or worse, going without the full coverage they need just to save money, don’t need to any longer. Broad coverage is included in the minimum premium, including E&O and premises coverage,” said David Brauner, Senior Broker at OREP. OREP’s new program also includes most incidental coverages, such as termite, radon and commercial coverage. The minimum insurance premium is $1,250, which provides a coverage limit of $300,000 Aggregate/$100,000 each Occurrence for E&O/BIPD. Choice of coverage limits and deductibles are available. Find details at www.orep.org. Visit OREP.org for more or call toll free (888) 347-5273. Info@orep.org. David Brauner Calif. Insurance License: #0C89873
Group Health Care – No Application/Limitations for Pre-Existing Conditions
California residents qualify for programs offered through Kaiser Permanente, Allied National and United Healthcare. These plans are available to real estate professionals on a guaranteed issue basis. Eligibility is accomplished by being a member/affiliate member of a real estate association/board. Kaiser Permanente offers eleven plans including the new Tax Advantaged Health Savings Account Plans. United Healthcare offers three HMO and four PPO plans, including a Tax Advantaged Health Savings Account. Allied National offers four Limited Benefit PPO Plans that offer highly affordable first dollar coverage including doctor office and emergency room visits and prescription drugs. These plans are available to California residents only through OREP (OREP membership not required). Please visit OREP.org/Benefits or email email@example.com with medical benefits in the subject. A qualified agent will call to go over the options.
How to Save on Office Supplies, Telecom and More
Corporate Savings is a little-known but significant cost-saving benefit of being an OREP Member/Paid Working RE Subscriber. Members and Subscribers who take advantage of the program save money with Office Depot, Staples, Dell, FedEx, UPS, Spring, Travel, and more. OREP/Working RE saves well over $1,000 a year on office supplies alone.
Rod Lopez, an appraiser from New Jersey, says that he saved over $100 recently on the discounts at Staples, Office Depot and on approved continuing education from Mckissock.
Cynthia Traylor, from House Calls Home Inspections, in California, responded, “YES! We are saving 19% on our Verizon bill and I order all of our office supplies through the discounted Staples portal—they provide overnight, FREE shipping, even on Sunday orders! Lastly, we are considering the Six Flags discount. So, yes, yes, and yes. We are taking advantage and truly enjoying your program. Great job!”
If you’re an OREP member, ask about these savings! If you buy your insurance elsewhere, consider a paid subscription to Working RE magazine. Subscription benefits also include corporate savings, discounts on continuing education and more, in addition to the print magazine. The savings easily pay for the cost of the subscription.