Friday, July 27, 2012

Should I Attach My E&O Declarations Page to My Appraisal Report?

Because some AMCs continue to insist that appraisers do it, we are asked this question a lot: "should I attach my E&O declarations page to my appraisal report?"  The answer is always the same: it's a bad idea.  It's bad for both the appraiser and the client/AMC.  It is perfectly reasonable for a client or an AMC to ask for proof of E&O insurance and ask to receive updated insurance information each year.  That's common to many professions, but there is no good reason to require that the information be included within or attached to appraisal reports.  (Lawyers like myself certainly don't attach proof of insurance to our opinion letters or legal briefs.)

It's a wrongheaded practice:

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