Hi All,

Just got a quote for E & O insurance that asks: "Provide written confirmation that all BPOs are accompanied by a disclaimer." Haven't called the company back yet to ask exactly what they want disclaimed. Thought I'd ask if any of you here were asked this question before securing the coverage.

I am assuming that they want a statement that the BPOs I do are not appraisals. Will find out shortly...

In the meantime, anyone else have to do this? And since most BPOs are completed and submitted online on the clients' form, how would one go about adding such a disclaimer without sending an email each time with such a statement?

Thanks for any input you may have...

Second posting...just learned from the insurance company that they do mean a disclaimer stating that the BPO is not an appraisal. The company suggested that I get written confirmation from the asset management companies I work for that they provide a disclaimer to their clients, and then told me to keep their statement in a file to back up the ligitimacy of a claim. Once I have this assurance from the AMs then I can send the insurance comapany my own written confirmation that this is provided the end client.

What a crock!! Have any of you had to go through this just to get E & O for a small home-office agency that will probably never have a claim?

Anyone out there?

Most or all of the co's I work for have it built into their forms, either at the top or the bottom.

yeah, and the ones that don't i put in my own disclaimer.. mine goes like this: "This bpo is not an inspection report and the bpo agent is not acting as a licensed contractor or inspector."

Thanks, KT and Platinum. Black Ink Insurance signed coverage for me this afternoon without a question or a whimper. But I think I will start checking the BPO online forms for the disclaimer statement and if it is not there, then will follow your example and type it into my reports. Thanks so much for your advice. Can't tell you how much I've learned from this forum...Have a great weekend...

If a company doesn't already have a statement, I just put this statement in the comments,

This BPO is not to be construed as an appraisal and may not be used as such for any purpose.

The BPO is pretty confusing to me. My partner says its basically an appraisal, is that right?

In Texas it is a written rule from our real estate commission that we have to put a disclaimer in our BPOs that they are not to be construed as appraisals. They even have specific verbiage that we have to use.

I just found this out in a GRI class. Kinda scary that I had no clue about it before.

I put a disclaimer in all of my BPOs as a standard practice. If figure better safe than sorry.