Tuesday, May 21, 2013

LIA's Appraiser Liability Prevention CE Seminar in Phoenix on June 12 (and E&O Discount)

Based on our claims for the last 5 years, Arizona appraisers have more liability losses than appraisers in any other state. On June 12, in a 4-hour CE seminar hosted by the Arizona Chapter of the National Association of Independent Fee Appraisers (NAIFA) in Phoenix, I will explain why that is the case and also inform appraisers about steps they can take to minimize that liability risk. Appraisers who attend also become eligible for a premium discount in LIA's E&O program.

This is the seminar:

Loss Prevention Program for Real Estate Appraisers
(4 Hours Arizona CE. Also approved in CA, NV, OR and WA)

Course Summary 

Lawsuits and claims against appraisers have been at all time highs since 2007, coinciding with the bursting of the real estate bubble. Lenders, mortgage investors, the FDIC, borrowers and sellers are all potential liability threats for both residential and commercial appraisers. Actual lawsuits and claims form the foundation of this seminar. In addition to the interesting facts involved in many of the cases, the seminar provides specific instruction about how appraisers can minimize their risk of being sued and how to be prepared for such an event if it happens. The focus is on creating appraisal reports that present less risk based on quality and appropriate content and on maintaining appropriate work file materials. The seminar also addresses emerging liability topics, such as indemnification concerns and review appraisals. The focus of this seminar is appraisal work for lending purposes. (We offer a separate seminar on non-lending appraisal liability.)

Who makes claims against appraisers? What do they sue for? When does the FDIC file a lawsuit? Can an appraiser be sued more than five years after the appraisal – i.e., what are the relevant statutes of limitation? How long should an appraiser keep a work file? Do residential or commercial appraisers face more risk? What about review appraisers? What does E&O insurance cover? These are the types of questions answered by the seminar.

E&O Discount Information

Appraisers who are insured by LIA’s E&O program with Liberty Mutual or who purchase E&O from LIA with Liberty Mutual within a year after the seminar become eligible for a one-time discount on their premium of $50 for a $500K or $1m per claim policy or $25 for a $300k per claim policy per appraiser by completing the seminar. The discount may be applied toward any payment due within a year after the seminar. Only one discount per insured appraiser per year – i.e., an appraiser may not obtain multiple discounts in the same year by taking multiple seminars offered by LIA.

Seminar Date, Time and Location

Wednesday, June 12, 2013, 1:00 p.m. to 5:00 p.m.
Grace Inn
10831 S 52nd Street, Phoenix, AZ (I-10 & Elliot)

Fee and Registration

This class is hosted by the National Association of Independent Fee Appraisers. The fee for the class is set by the NAIFA chapter and registration for the class is through the chapter at the contact information on NAIFA's flyer which I have copied below. NAIFA’s chapter meeting will follow my presentation. NAIFA members and non-members, whether insured by LIA or not, are all very much welcome and invited to attend the seminar and also the meeting.

NAIFA's Flyer: