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.
Limits of liability from $250,000 to $5,000,000, with excess coverage available. Deductibles from $1,000 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
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.
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.