Insurance IQ
by David Brauner, Senior Insurance Broker, OREP Insurance Services, LLC.

It’s almost summer so we’ll keep it lite. Here are some quick insurance fun facts; some things you may know and some you may think you know...

Prior Acts: Yes, it’s true and as we’ve preached for years- don’t let your policy lapse before renewing if you plan on continuing to appraise. As we have advised many times over the years, you must renew without a lapse in your policy or risk losing coverage for prior appraisals. If you let your policy expire and fail to renew- either with your current carrier or with a new provider, you will lose coverage for your past appraisals. If you switch, make sure the new provider offers prior acts- most do. The same is true if your policy is cancelled due to nonpayment- you will lose back coverage.

If you plan on retiring/leaving appraising, check with your agent about tail coverage. Several programs, including several OREP offers, provide free tail coverage for appraisers of retirement age. Tail coverage covers previous work into the future. If you’re approaching retirement age you may want to consider switching to a company that provides free tail coverage. Some special rules apply for the free tail coverage, so ask your agent before switching. If you don’t qualify for free tail coverage, it is available (for premium) on the policies OREP handles. If you have assets, it is smart to buy the coverage.

Two’s Company (Company Coverage): Most applications are explicit about whether they cover one appraiser only or more than one. OREP handles both types of policies, and offers the one that best fits the needs of our insureds. There should never be any confusion about this issue, and truth be told, there never is. An individual policy will only cover a single appraiser and that is always spelled out on the application in bold type.

If you have a question, ask your agent- that’s what we are here for (if you can’t get someone on the phone, call a new agent). In addition to low-cost group appraiser policies, OREP offers combination policies for appraising and real estate sales/brokering for about the price as one single policy.

Claims Help: Most large appraiser insurance programs, and every one that OREP handles, provides free pre-claim and claim assistance furnished by legal and claims experts. These trained and experienced professionals should be your first step and they always available to help. It always pays to seek professional help first. Regarding state board complaints, the programs OREP handles provide reimbursement for defense costs. The amounts vary. One program OREP handles provides up to $5,000 in reimbursement for defense costs with no deductible! (There is no coverage for any fine that may be imposed.) Ask your agent about what’s in your policy.

In addition to help from the carrier, OREP provides insureds with free help dealing with state board complaints from Bob Keith, MNAA, IFA, Former Executive Director and Compliance Coordinator for the Oregon Appraisal Board, to help you chart an effective course of action from the outset and to help you avoid shooting yourself in the foot by trying to defend yourself without the help of experts. Bob is on your side and serves no other interests than yours (he is not affiliated with the insurance carrier). 

Simplified Applications: I recently had a client call me to say they were advised to avoid short, online insurance applications so as to avoid making a mistake. What? OREP has used streamlined applications for over 14 years with tens of thousands of clients successfully insured using them with no confusion or issues. The ease and convenience are intentional! If you can complete an appraisal, you can read, understand and complete an insurance application! If not, call the agent (and if you can’t get the agent on the phone, call OREP). Streamlined applications can be completed in one step, so you can get back to work fast! Enjoy your summer and call us when your insurance is coming due, we answer the phone!

About the Author
David Brauner is Senior Broker of OREP and Publisher of Working RE Magazine. He has been helping appraisers with insurance for over 20 years. David Brauner Insurance Services, Calif. Insurance Lic: 0C89873. dbrauner@orep.org (888) 347-5273 toll free.

Is it Time to Shop E&O Insurance?
If your E&O rates have been rising or you think you’re paying more than you should, shop OREP today!

For over 14 years OREP has served appraisers with the highest quality insurance programs available, low rates and industry-leading benefits, including Working RE Mag. and NEW approved Adjustments CE (7 Hrs) offered online and at a discounted rate for OREP insureds.

Industry Leading Coverage

Broad Coverage Designed Specifically for Real Estate Appraisers.

• Prior Acts--Keep coverage for all past work

• "A" Rated Carriers--Coverage Designed Specifically to Meet the Needs of Appraisers

• No FDIC Exclusion Available

• Free Risk Management Hotline

• Fast Application: Get back to work in minutes

• Low or Zero Deductibles

• Individual and Multi-Appraiser Coverage- whichever is best for you.

• Combination Coverage for Appraising & RE Sales/Brokering can cut your insurance bill in half.

• Residential/Commercial Right of Way Coverage Available

• Courteous and Professional Customer Care (We answer the phone!)

• Lowest Premiums Available at the start of coverage, not three years from now.

 Minimum premiums start below $500!

What OREP Members Say-

> "The main reason I stick with OREP is because you folks know what you are doing. The fact that your service is so good and prompt is just another plus for your company." – Joe de Garay, de Garay Valuation, LLC

> "I appreciate the great service and consideration in providing the best coverage for the best price- not to mention saving me over $100!  Thank You." – George P.

> "Thank you for the webinars. I am learning so much that is helping me improve my appraisal practice and increase the quality of my reports and workfile, thus reducing my exposure to lawsuits. The webinars and education are a great complement to your insurance. Because of the benefits I will be back at renewal." – Bruce K.

> "I had an FHA complaint and lost. It costs me 9 months of FHA work. If I had the knowledge I do now after listening to your webinar, I would have been MUCH better prepared and probably would have won. Thanks for your help!" – Michael B.

What are you waiting for?
Shop OREP Today!

(888) 347-5273
www.orep.org

Call or visit for an application today!

David Brauner
CA Insurance License #0C89873
P: (888) 347 - 5273
F: (708) 570 - 5786
E: info@orep.org
6760 University Ave. Suite #250
San Diego, CA 92115