Professional Liability Insurance for appraisers includes coverage for claims made by clients stating mistakes, exclusions, or carelessness on the part of the appraiser during the appraisal process of a property.
Some lawsuits that are brought against an appraiser sometimes happen when a lender has to foreclose on a property. In situations such as these, lenders tend to sue numerous people involved, including the appraiser.
Another reason why an appraiser can get sued is due to misappraisal of a property, especially the underestimation of a properties value. This can be the fault of the appraiser or just a broad weakening in general property prices.
Professional Liability Insurance is necessary for an appraiser for many reasons. General business owners' policies don't include coverage of legal expenses and losses suffered due to client claims of fault and carelessness. Also, even if the claims made by a client are unjustified, appraisers will most likely still have to deal with the legal repercussions. Without Professional Liability Insurance, this can be costly.
Call us now to help you make the right choices when it comes to Professional Liability Insurance. Call 1-800-820-9707 now to speak with a Professional Liability Insurance Expert.