The Importance Of Appraisers Errors And Omissions Insurance
If you are a business or individual who conducts appraisals on real estate properties it is vital to have the proper insurance in force
. While there are a number of plans available through commercial insurance agencies and brokerages, it is important for home inspectors to obtain an in-depth knowledge of these plans available as well as the limits that are associated with them in order to become fully protected in the event of a lawsuit or claim. Professional liability for home appraisers also referred to as appraisers errors and omissions insurance, covers the inspector for unintentional negligent acts that arise from the services they offer the community. With the recent rise in claims within the past years, appraisers errors & omissions insurance has become a necessity in the field. Knowing what this insurance plan covers, and how you will be rated will give you the knowledge you need to make an educated purchase.Specialty commercial insurance providers offer appraisers professional liability policies. While the premiums and limits will vary depending on the state in which you are licenses, your claims history, the type of exposure you appraise, and your per claim and annual aggregate limits, premiums are generally fairly similar by each provider. While any independent contractor or company wants to find the lowest possible premiums available on the market today, it is important to research the stability of the insurance company you choose as well as the policy terms and conditions to ensure you are properly covered.
When you are pricing appraisers errors and omissions insurance, you will find one of two policies available: those covering a group or company, and those covering individuals. If you run an inspection office with two or more appraisers, or you do any type of real estate sales or brokering, you will be required to carry group professional liability. For appraisers who strictly perform commercial or residential appraisals and inspections, the individual plan will cover your need.
There are several optional endorsement which can be added to an e & o plan in order to broaden coverage to a number of different losses that are originally excluded. Corporation coverage is available for individuals operating under a corporate entity that will protect the assets of your corporation in the event that it is listed as a defendant in a lawsuit stemming from the loss. Other optional coverage includes general liability riders to include coverage for bodily injury to a third party that occurs during the said claim. Determining which riders are necessary, and which are afforded, will provide you with broader coverage.
Obtaining the proper insurance to conduct business throughout the state is extremely important. While overhead costs may seem exorbitant, having the proper insurance coverage can save you millions over time. Protect yourself and have the peace of mind that your business and income is safe in the event of a lawsuit.
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