Appraisers & Claim Adjusters
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Professional Liability For Insurance Appraisers
Insurance appraisers are tasked with important responsibilities. You must carefully create written and visual records of a client's possessions and record their current market value. If a customer ever suffers a loss from theft, fire or other hazards, they rely on your appraisal information for their insurance claims. If you make a professional mistake, it can cost your clients a lot of money. That's why it's important for you to protect yourself with insurance appraisers professional liability coverage.
Insurance appraisers professional liability coverage is also known as errors and omissions (E & O) insurance. This coverage is designed to protect you if a customer ever claims that you made a professional mistake that caused financial hardship.
For example, let's say you perform an appraisal on a customer's household furnishings. You accidentally put a decimal point in the wrong place for a valuable family heirloom. The customer later loses that heirloom in a house fire, and sues you because your mistake caused him to not be able to collect the full value of the item. Even the most diligent attention to details won't prevent you from being sued either. Sometimes allegations are made even when you have done nothing wrong. If you are not protected by insurance appraisers professional liability coverage, you will have to deal with the full expense of lawsuits like this by yourself.
With an insurance appraisers professional liability policy, you can configure your coverage to take care of the legal defense costs for you. Your coverage can also pay you for income losses that are caused when you must spend billable hours in a court room defending yourself against legal actions. This coverage also pays your clients in the event that they are awarded a settlement or judgment amount.