Editor’s Note: This story first appeared in Working RE’s Online edition. You can catch up on back editions here: WRE Online
When Bad things Happen to Good Appraisers
by David Brauner, Editor
As E&O providers, OREP sees a lot of claims information. Here is the story of one appraiser who may be like some of you: despite doing everything correctly on a report, he still finds himself locked in a law suit, which he views as frivolous.
And while he may not have believed he needed E&O insurance, he is very happy he has the protection in place.
This 30-year veteran appraiser has recently been named as a defendant in a law suit for an appraisal from 2000. There are a total of five co-defendants. At issue is a roof reported to have developed one or more leaks after transfer of title.
“The report clearly stated that a roof certification should be required. I am not a roofer. I consider this suit to be a nuisance as it applies to me but these days, who knows.”
This appraiser believes he did his job by indicating that caution was advised with respect to the roof. “I did not observe anything that needed urgent attention such as curling shingles or sags in the roof. If I had observed that, I would have specifically mentioned it,” he said.
He said the claim has been reported to his insurance carrier and a lawyer has been assigned. “This is the only ‘claim’ I have experienced in 30 years of appraising,” he says.