Real Estate Appraisers
Appraisal Consultants and Appraisal Management Companies,
Applications E and O Business Owners Policy
Appraisers and E&O Insurance
Many states, including Colorado, require licensed real estate appraisers obtain and have an active errors and omissions policies. some only recommend it. Large, commercial lenders are in the habit of requiring appraiser's maintain sufficient levels of E&O insurance tp provide protection for themselves through your work. Lenders rely on the appraiser’s assessments, from any possible lawsuits filed by dissatisfied current or prospective loan recipients.
Why Get Errors and Omissions?
Whenever you provide a service, you run the risk that a client may be unhappy with the result. Well-structured contracts can clarify expectations and performance parameters for you and your client. This clarity can significantly reduce the risk of a dissatisfied client. As an appraiser, your risk may be higher than more traditional service businesses. Your assessment often provides the determining factor as to whether a client approves a loan – if that client is a lender – or pursues new financing – if that client is the property owner. Therefore, protecting yourself is important whether or not your state government mandates it
Limits of liability from $100,000 to $5,000,000, with excess coverage available. Deductibles from $500 and up Prior Acts coverage available to qualified applicants
- A-Rated Insurance Company
- Available in all states
- Competitive premiums
- BOP Policy Available for your Office
- First Dollar Defense Available
- Technology Professional Coverage
- Disciplinary Proceedings Coverage
- Loss of Earning: $500 a day, $10,000 maximum
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Broad Definition of Insured
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Deductible reduced by 50% with Mediation
How long does it take to get a quote and bind coverage?
In most cases, we are able to quote within 24-48 hours of receiving a completed application, with the supporting information listed on the application.
Why does an appraiser or an appraisal management company need this coverage if each of the individual appraiser subcontractors is required to carry their own E&O coverage?
Because appraisal management companies serve in an intermediary capacity between the lender/client and the appraiser, there are many steps in the appraisal process where communications break down, deadlines are missed, or other factors impede the process to the point that financial harm is caused to some of the parties.
Binding is usually accomplished within 24 hours of receiving a signed acceptance of the quotation and premium payment, along with outstanding items specified in the “Conditions” section of the quotation.
How do I apply for coverage?
You can download the application posted on this page or give us a call for an application, 202-465-4306. Office hours are 8:00 a.m. – 6:00 p.m. Eastern time.
Does the policy offer prior acts coverage?
Prior acts coverage is available in most cases if you can provide proof of uninterrupted coverage. You will need to submit a copy of your current/expiring Errors & Omissions Insurance policy declarations page.
What is a claims-made policy?
A claims-made policy defines how a policy responds to a claim. In order for coverage to apply, you must have coverage in force at the time of the alleged error or omission AND at the time the claim is made, with no lapse in coverage.
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