Insurance for Real Estate Appraisers - Professional Liability Insurance - Errors and Omissions Insurance

Landy Errors & Omissions and Professional Liability Insurance for Professionals

Individual Residential & Commercial Real Estate Appraisers-- Frequently Asked Questions

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Click on the FAQ of Interest for the Answer(s):

Who will this policy cover?
- This is an individual appraiser policy.
  It will only cover the appraiser whose name is on the policy. The firm(s) which the individual appraiser works for can be listed as an additional insured. For firms with multiple appraisers we do offer firm policies in our real estate program.
- >>Click here for more information and our downloadable application.
I am a Trainee and my state doesn't require me to pass an exam. Can I get coverage?
- Yes, we do cover trainees and you would be eligible for coverage.
What limit should I purchase?
- We have three limit options:
  (1) $300,000/$600,000 (2) $500,000/$1,000,000 (3) $1,000,000/$2,000,000.
  We suggest you check with any lenders you do work for as many lenders have minimum limit requirements of at least
  option #2 $500,000/$1,000,000.
Can I increase my limits midterm?
- Yes, as long as there have not been any claims made against you.
  Contact Ken Magnuson at 781-292-5440 for instructions on how to increase your limits midterm.
Can I purchase this policy if I also sell Real Estate?
- Perhaps. You should contact us to determine eligibility and the best course of action.
  Are the real estate sales through the same company?
  Is there separate E & O Insurance for the real estate sales?
  You may want to review our real estate program which covers both real estate sales and real estate appraisals.
- >>Click here for more information<<
How soon can I get proof of insurance?
- If you apply online at www.reappraisersins.com and presently don't have insurance in force, your policy will be e-mailed to you within hours of completing the application and paying for the coverage. Otherwise policies are typically issued within a few business days of our receipt of the completed application and payment.
- >>Click here for our online application<<
What is Prior Acts Coverage?
- Prior Acts Coverage is coverage for past acts. It is a date that is assigned on your insurance policy indicating how far back the insurance company will cover. For example if you have had continuous E&O Insurance in your name since 7/1/2003, this would be your prior acts date. The Insurance carrier will respond to a claim for work you performed from 7/1/2003 forward, assuming you have had continuous E&O Insurance with no lapses in coverage.
How do I get Prior Acts Coverage?
- Prior Acts Coverage is only available to Individual Appraisers who have maintained continuous Errors &Omissions Insurance in their name. We will need a copy of your expiring Declarations Page with the completed application to determine if you are eligible for prior acts coverage.
Can I purchase Prior Acts Coverage if I have never been insured before?
- No. Prior Acts Coverage is only available if you have had continuous E&O Insurance in force.
What is an Extended Reporting Period?
- An Extended Reporting Period is an extension of time in which you can report a claim. It does not extend coverage on a going forward basis, but extends the time in which you can report a claim for work done between your prior acts date and your expiration date. In the event of retirement or ceasing to practice, purchasing an Extending Reporting Period is advised. Several options are available. We recommend you contact your agent for more information.
What do I do if I have a claim?
- Immediately fax or email any pertinent documents to the Herbert H. Landy Insurance Agency, 75 Second Avenue, Suite 410, Needham, MA 02494. The fax number is 800-344-5422 and you can also call Barbara Ferrell at 800-336-5422 x102.