I'm wondering what risks the bank takes in using an appraiser who refuses to get errors and omissions insurance, please. E and O insurance is not a state requirement where I'm at, but I'd still like to better understand the bank's risks in using an appraiser without any type of liability insurance. All feedback is appreciated.

Thank you.

It is all a matter of your established required due diligence for your appraisers. How deep is his pockets if he screws up and you need to sue him??