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Real Estate Appraisers
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No real estate appraiser should be without Errors & Omissions Insurance, especially in light of the
turmoil in the housing and lending markets in recent years. Often caught in the middle of warring
parties in a real estate transaction and faced with a myriad of continually evolving rules governing
how appraisals are done; the appraiser needs a policy that focuses specifically on appraisal
services.
Intercorp’s program features include:
- Easy-to-complete application form.
- Fast turnaround (usually same day or next day) on quotations and policy documents.
- Coverage provided for individual appraisers and real estate appraisal firms.
- Both residential and commercial appraising is eligible for coverage.
- Full prior acts coverage available to qualified applicants.
- Policy is specific to appraising, which allows the underwriting and pricing to focus on this
activity rather than a range of other real estate services.
- Policy limits from $250,000 to $1,000,000. Deductibles from $1,000 to $5,000.
- Convenient payment options via credit card (Visa, MasterCard, or American Express) on your quote form, or
pay by check online.
- Insuring company is rated A XV by A.M. Best insurance rating organization.
Special Purpose Program for Stressed Accounts
Real estate appraisers who are having difficulty finding E&O coverage, or who do not qualify
for standard program rates because of disciplinary actions or claim issues, can apply for
coverage through Intercorp’s Special Purpose Program.
Rates are higher, of course, but if the insured remains loss-free for three years or until
open issues have been resolved, the account can be reviewed for standard program rates.
Applicants should complete the Real Estate Appraiser Application,
Supplemental Application, and
Claim Supplement (one for each claim or disciplinary action).
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If you have questions about coverages or terms, you may find the following articles helpful:
Document, Document, Document!
Everything You Ever Wanted
to Know About Real Estate Appraisers Errors & Omissions (But were afraid to ask!).
The ABC’s of E&O Insurance.
Help--I've Been Sued! What To Do (& Not Do) If It Happens to You
If your questions aren’t answered here, you can Contact Us with your specific inquiry, or call us
at 800-640-7601.
Additional Coverages for Appraisers:
- Business owners package (general liability, property, and related coverages.
- Business auto.
- Workers’ compensation.
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