The new offering provides errors & omissions (E&O) coverage for individual residential and commercial real estate appraisers.
PRODUCT: Real Estate Appraisers Errors & Omissions program
COMPANIES: RPS Signature Programs and General Star National Insurance Company
BEST RATING: A+
AVAILABILITY: Appointed agents and brokers only.
FOCUS: RPS Signature Programs, the program administration division of specialty insurance distributor Risk Placement Services, has launched a Real Estate Appraisers Errors & Omissions program with General Star National Insurance Company.
This new offering provides E&O coverage for individual residential and commercial real estate appraisers. It is designed to protect against claims arising out of an act, error or omission that results in failure to render professional services for clients.
“At RPS Signature Programs, we are specialists in E&O and professional liability insurance coverages," said Adrienne Woodhull, area president, RPS Signature Programs. “We are pleased to extend this deep expertise to real estate appraisers, as this new program gives niche professionals the confidence that their unique E&O exposures are covered should a claim occur."
COVERAGE DETAILS: Available on an admitted basis, the real estate E&O program offers limits up to $1 million per occurrence and $2 million aggregate.
Key coverage highlights include:
- Zero deductible.
- Broad definition of professional service, which includes incidental services, such as a notary public, member of a formal accreditation committee, standards review committee or similar board or committee.
- Free extended reporting period for death, disability or retirement.
- Defense costs outside the limits of liability.
- Prior acts coverage with proof of continuous coverage.
- Free risk management assistance hotline for all insureds.
UNDERWRITING: This product is rated on the limits selected and if the appraiser is handling more residential or commercial properties. There are six qualification questions making the entire process simple and efficient. Through RPS's Small Business Platform, the product can be quoted, bound and issued in minutes.
TARGET: Residential and commercial real estate appraisers.
COVERAGE AVAILABILITY: All U.S. states except Alabama, Louisiana, New York and West Virginia.
CONTACT: Adrienne Woodhull, area president, RPS Signature Programs; 908-685-7103.
Will Jones is IA editor-in-chief.
