Real estate appraisal professionals often deal with large financial decisions, often including families spending their life savings to buy their first home. Therefore, it’s vital that anyone working in this industry have an in-depth knowledge of all risks and liabilities they may encounter; errors and omissions (E&O) insurance provides one way of protecting against legal claims that arise due to mistakes in professional services provided.
However, E&O insurance can be complex. Your individual policy terms should be carefully read so you can make informed decisions regarding coverage needs with confidence. Consequently, understanding technical jargon will assist in making knowledgeable choices for yourself about E&O coverage needs.
At this webinar, we’ll take an in-depth look into real estate appraiser e and o insurance. We will discuss its contents, what sets it apart from general liability policies, how best to purchase it and the common claims processes we must navigate for payment of claims.
While E&O policies don’t cover bodily injury or property damage to third parties, they often help cover legal defense fees and judgments/settlements related to covered claims. Clients frequently file suits against businesses over errors they feel were made; it is therefore imperative that you have this kind of protection in place.
Professional liability insurance differs from general liability policies by covering you against property damage or personal injury claims; instead it aims to cover legal fees and settlements associated with claims related to professional services provided. Claims often result from disagreements about appraisal results; thus ensuring you have this protection is key.
When applying for E&O insurance policies, it’s essential that all questions be answered truthfully and without exception. Failing to do so could cause the insurer to cancel or refuse renewal based on later-discovered information; failing to report disciplinary matters on your application could further compromise your ability to file claims later on.
E&O and GL insurance policies can often be combined into one convenient package called a Business Owners Policy (BOP), making this an economical solution for small businesses that wish to meet all their liability needs in one go.
OREP has provided New York appraisers with comprehensive E&O and GL insurance for over 22 years, at highly competitive rates, at unrivalled business support – offering State Board Complaint Consulting at no cost, 14 Hours of Appraiser CE courses guaranteed delivery of Working RE magazine, plus much more! Get your free quote online or contact us to learn more today.