Forums

/ / /

Prev Go to previous topic

Go to next topic

Last Post 11/04/2009 2:05 AM by RJortberg

E&O Info

8 Replies

Sort:


You are not authorized to post a reply.

Author

Messages

kiya21260

Guest
Posts:1

02/09/2007 4:44 PM
Hope this is in the correct forum. Can anyone give me some companies they know of that I can contact that provide affordable E&O Coverage for property adjusters? Thanks a bunch.

Tags: E&O

Tim_Johnson
Member

Member
Posts:243

02/09/2007 7:10 PM
Go to the NACA site, they have 3 or 4 listed. www.Nacatadj.org Tim Johnson

Ray Hall

Senior Member
Posts:2443

02/09/2007 9:42 PM
My thoughts about E & O are pretty well known. Try to find a vendor who will cover you under their E & O for free or a flat $200 per year. The only person who will sue you is the person you work for in most cases and if you do not have E & O you will not be sued.

sbeau4014
Founding Member
Member

Member
Posts:427

02/10/2007 9:59 AM
Ray, I cannot say that I agree with your last comments about errors and omissions insurance, as I am currently working nothing but litigation files from hurricane Katrina, and there are a fair amount of individual adjusters listed in the individual lawsuits. Numerous times, they may be listed strictly to defeat diversity of citizenship and can be taken out of the lawsuit by filing for fraudulent joinder, but that takes time and expenses of an attorney to get that taken care of. If they cannot be removed for that reason, and/or there is a valid fact issue as to why they are in the lawsuit it can be a rather expensive process, one of which most people would not want to foot the bill. On some of the lawsuits I have seen the individual adjuster or the vendor listed, some of them have valid reasons they're in the suit and some do not. None of the lawsuits had the adjuster or vendor listed as a result of the insurance company bringing them in, but I can't say that there are cases the insurance company should not third-party in the vendor/adjuster.

Ray Hall

Senior Member
Posts:2443

02/10/2007 1:08 PM
Hello Steve. You are on the front line and I will defer to your experience with individuals being named. I have read about 8 manuscript E & O contracts and I could not ever sort out what an Error or Omission definition is. One or two also use the word "Act". Now that has more meaning. I know three adjusters who have been named and their insuror said their involvment did not fall into the templete of coverage as an error or omission and would not defend. The carrier answered and defended for the adjuster, BUT did not indemnify. I still think it is smoke . Your last sentance hits the nail on the head and you know why this is not done more.

ChuckDeaton
Life Member

Senior Member
Posts:1110

02/10/2007 2:09 PM
Represent yourself. It is your right. "Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt

JimGary

Member
Posts:470

02/10/2007 5:49 PM
Gregg, I also had to look for E&O, you can find some of my results posted at http://www.catadjuster.org/Forums/C...fault.aspx AMIS was most reasonable Hope it helps JWG I know the voices aren't real, but sometimes they're right!

Ray Hall

Senior Member
Posts:2443

02/10/2007 9:50 PM
If any adjuster who has been named in a suit can give the community a summary of your E & O experience I would like to hear it. You can sent it to me and I will cut and paste in this forum. Postive as well as negative. Your name will not be disclosed. Fax 281-359-5222.

RJortberg

Member
Posts:147

11/04/2009 2:05 AM
Steve: What did you mean when you mentioned adjusters were included in litigation "to defeat diversity of citizenship". Also, does the carrier take over this litigation, or do the vendors and / or the adjusters take over their own respective litigation? I am aware of cases where a vendor and or adjuster is named, but the vendor / adjuster just turns the case over to the carrier and the carrier takes care of all aspects of the litigation. I'd like to have a better handle on this litigation issue. Though I use an LLC for my business, more than few vendors require that the adjusters be employees. Do you think that (being an employee) reduces the risk for the adjuster? I know many people keep assets in their wife's name, and then they just say "sue me", kind of like Ray's comments. The E&O insurance invites the litigation whereas having no assets actually reduces it. Thoughts?

You are not authorized to post a reply.

These Forums are dedicated to discussion of Claims Adjusting.

For the benefit of the community and to protect the integrity of the ecosystem, please observe the following posting guidelines:

No Advertising.
No vendor trolling / poaching. If someone posts about a vendor issue, allow the vendor or others to respond. Any post that looks like trolling / poaching will be removed.
No Flaming or Trolling.
No Profanity, Racism, or Prejudice.
Terms of Use Apply

Site Moderators have the final word on approving / removing a thread or post or comment.