Intercorp extends its reach as a provider of Errors and Omissions insurance in the appraisal field with the development of a program specifically for Appraisal Management Companies. Although the program launched in 2014, Intercorp has been placing coverage for AMCs since 2008.
- Policy designed specifically for appraisal management companies, with particular focus on the exposures and operations of these entities.
- Broad professional liability coverage form, with no exclusion for FDIC-related claims and a broad definition of AMC services.
- Limits of liability from $300,000 to $2 000,000, with excess coverage available. Deductibles from $2,500 and up.
- Optional network security endorsement available.
- Prior Acts coverage available to qualified applicants.
- Confidential Pre-Claim Assistance Hotline.
- A rated Insurance Company.
- Available in all states.
- Competitive premiums.
- AMC bonds for the various states also available through Intercorp.
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. 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.
How do I apply for coverage?
You can download the application posted on this page or give us a call for an application, 800-640-7601. Office hours are 8:30 – 4:30 Eastern time.
Does the policy offer prior acts coverage?
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.
Why does an appraisal management company need this coverage if each of the individual appraiser subcontractors are required to carry their own E&O coverage?
The appraiser’s errors and omissions policy protects the appraiser, not the AMC.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.
What are the advantages of choosing Intercorp’s program for Appraisal Management Companies?
We have a long history of serving the appraisal industry, from its infancy in the licensing/certification arena, through the dark times of the real estate crash in the 2007-2009 period.We maintained stability during the bad times as well as the good ones.That strength and stability was a driving force in developing this program for AMCs when they emerged as a new participant in the appraisal process. Add in our exceptional service, and you have an unbeatable combination.