Real Estate Appraiser Program - Frequently Asked Questions

1. Does this policy cover all types of appraising?
2. Does this policy cover both firms and individuals?
3. How soon can I get proof of coverage?
4. Does the policy offer Prior Acts Coverage?
5. Do you offer any legal guidance or other help to minimize the possibility of a lawsuit?
6. Do you offer coverage to appraisers who have had claims or disciplinary actions?
7. I am a trainee; can I get coverage through Intercorp?
8. What limits of liability should I purchase?
9. Can I increase my limits mid-term?
10. Can appraisers be added to my policy mid-term?
11. What is a claims-made policy?
12. What is an Extended Reporting Period?

1. Does this policy cover all types of appraising?

   Both residential and commercial appraisers of real property are eligible for coverage under this program.

2. Does this policy cover both firms and individuals?

   Yes. The policy contains a broad definition of Named Insured to include full-time staff appraisers as well as independent contractors and subcontractors. The policy provides excess coverage over the coverage carried by independent contractors who have their own insurance, which means you won’t have a coverage gap.

3. How soon can I get proof of coverage?

   In most cases, we are able to bind coverage within 24 hours of receiving your signed acceptance of the quotation and premium payment, along with outstanding items specified in the “Conditions” section of your quotation.

4. Does the policy offer Prior Acts coverage?

Prior acts coverage is available if you are able to show that you have had uninterrupted coverage. You will need to provide a copy of your expiring policy declarations page to confirm this.

5. Do you offer any legal guidance or other help to minimize the possibility of a lawsuit?

Appraisers insured in our program can access a Pre-Claim Assistance Hotline, which provides legal advice on a range of issues that aren’t necessarily claims, but may help you prevent or avoid one. Examples include: help in responding to requests for information, crafting appropriate disclaimers, and deciphering industry contracts. We also have a number of loss control articles dealing with such subjects as documentation, what to do if you are sued, and red flags that can warn you of potential claims.

6. Do you offer coverage to appraisers who have had claims or disciplinary actions?

We review each account individually, as well as the details surrounding any claim or disciplinary action. A well-written explanation of the claim circumstances is helpful in reviewing your situation. A claim or disciplinary action does not automatically disqualify you from coverage. If we are not able to offer you coverage in our standard program, we may be able to offer you coverage in our Special Purpose program. Be sure to include the Claim Supplement (one for each claim or disciplinary action) with your application form. Keep in mind, too, that these accounts may require a bit of extra underwriting time.

7. I am a trainee; can I get coverage through Intercorp?

Our program does not provide coverage for a trainee as the sole Named Insured on a policy. Coverage can be provided for trainees under their supervisor’s policy.

8. What limits of liability should I purchase?

We recommend that you check with your clients to determine whether they require a specific limit of liability.

9. Can I increase my limits mid-term?

Yes, you can do this if you are being required to increase your limits by one of your clients, and if no claims have been made against you. You will need request the change in writing, and also provide a copy of the lender requirement for the increase.

10. Can appraisers be added to my policy mid-term?

Yes. Any policy changes need to be requested in writing. To add an appraiser to your policy, you will also need to provide a copy of the person’s license.

11. 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 the appraisal was performed AND at the time the claim is made, with no lapse in coverage. You may want to refer to The ABC’s of E&O Insurance for a more detailed explanation.

12. What is an Extended Reporting Period?

An Extended Reporting Period extends the period of time in which to file a claim under a policy that is expiring. It does NOT provide coverage for new services performed during the period. It is purchased most frequently by someone who is retiring from the business, closing or selling a business, or leaving the profession.