Insurance Program Results

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Real Estate Appraisers: Improvements

Competition to write real estate appraisers E&O will rise without any change in capacity as long as claims activity continues to show improvement. Despite the shrinking number of appraisers, carriers are moving to provide additional enhancements and services as they push to keep rates flat. Heavy regulation and increased difficulty in acquiring a license reduced the number of appraisers nationwide in recent years. At the same time, the real estate industry is shifting toward automated valuation software that eliminates the need for an appraiser.

Claims conditions should improve next year, as they have in recent years, in line with the resurging real estate industry. Recent quarterly real estate reports revealed a rise in foreclosures — which often lead to lawsuits against appraisers, lawyers, title agents and other real estate professionals — but this has had little effect on appraisers thus far. Real estate agents are sued less often since national legislation supported by the National Real Estate Association helped construct purchasing agreements that shelter agents from lawsuits. Appraisers endured a jump in the number of claims during the housing crisis of 2008, and appraisers continue to receive heavy scrutiny. Among the highest exposures for appraisers is work for real estate partnerships, which subjects appraisers to accusations of inflating or deflating property value to fit the needs of a partner company. (12/15/14)

Errors and Omissions Insurance for Real Estate Professionals

Administered By: Marsh U.S.

Distribution: Program Administrator

Industries:

Commercial Real Estate (Office), Real Estate Agent/Broker, Real Estate Appraiser

Carriers: General Star National Insurance Co.

Coverage: Errors & Omissions (E&O)

Limits: - - - (Multiple limit and deductible options.)

Real Estate Appraisers

Administered By: Herbert H Landy

Distribution: Program Administrator

Industries:

Real Estate Appraiser

Carriers: Great American Insurance Cos.

Coverage: Errors & Omissions (E&O)

Limits: up to $5 million (Large firms), up to $1 Million/$2 Million (Solo Appraisers)

Employment Practices Liability

Administered By: NAS Insurance Services

Distribution: MGA

Industries:

Accountable Care Organizations (ACOs), Acupuncturist, Allied Health, Builders Risk/Home Builders, Chiropractors, Commercial Real Estate, Commercial Real Estate (Industrial), Commercial Real Estate (Office), Commercial Real Estate (Retail), Contractors, Dentists, Farm/Ranch/Agribusiness, Health Maintenance Organization (HMO), Healthcare Systems, Hospitals, Long-Term Care Facilities (LTC), Manufacturers/Manufacturing Risks, Massage Therapy/Therapists, Opticians, Pharmacies, Physicians, Podiatrists, Psychologists, Real Estate Agent/Broker, Real Estate Appraiser, Research/Research Organizations (Clinical, Etc.), Therapy/Therapists

Carriers: Lloyd's of London

Coverage: Employment Practices Liability (EPL)

Limits: $100,000 - $2 million

Miscellaneous Professional liability

Administered By: XL Catlin (Formerly Catlin)

Distribution: Direct/Broker

Industries:

Miscellaneous Risks, Real Estate Appraiser, Staffing Agencies

Carriers: Catlin Specialty Insurance Co., Catlin Syndicate 2003, XL Catlin Insurance Co., Inc.

Coverage: Excess, General Liability, Professional Liability, Umbrella/Excess

Limits: up to $10 Million (Excess)

Professional Liability Division

Administered By: Kinsale Insurance

Distribution: Carrier Direct

Industries:

Accountants & Accounting Services, Architects & Engineers (A&E), Financial Consultants/Planners, Insurance Agents, Lawyers, Miscellaneous Risks, Real Estate Agent/Broker, Real Estate Appraiser, Real Estate Managers

Carriers: Kinsale Insurance Co.

Coverage: Excess, Professional Liability

Limits: up to $5 million (Excess)

Real Estate Appraisers E&O

Administered By: McGowan Program Administrators

Distribution: Program Administrator

Industries:

Real Estate Appraiser

Carriers: The Navigators Group Inc.

Coverage: Errors & Omissions (E&O)

Limits: up to $5 million (Firms), up to $1 million/$3 million (Solo Appraisers)

Real Estate Professionals Industry Services

Administered By: Victor O. Schinnerer

Distribution: MGU

Industries:

Auctioneers, Commercial Real Estate Manager/Director, Consultants/Consulting Risks, Real Estate Agent/Broker, Real Estate Appraiser

Carriers: CNA Insurance Cos

Coverage: Errors & Omissions (E&O), Professional Liability

Limits: up to $5 million

Real Estate Professionals Select

Administered By: Victor O. Schinnerer

Distribution: MGU

Industries:

Auctioneers, Commercial Real Estate Manager/Director, Consultants/Consulting Risks, Real Estate Agent/Broker, Real Estate Appraiser

Carriers: CNA Insurance Cos

Coverage: Errors & Omissions (E&O)

Limits: - - - (Limits vary by state)

 

Home Inspectors Insurance

Administered By: OREP

Distribution: Program Administrator

Industries:

Commercial Real Estate, Home Inspectors/Inspections, Real Estate Agent/Broker, Real Estate Appraiser

Carriers: Hanover Insurance Group Inc.

Coverage: E&O, Garage Liability

Limits: up to Call for Limits

Miscellaneous E&O Coverage

Administered By: JLT Facilities, Inc

Distribution: Program Administrator

Industries:

Accountants & Accounting Services, Architects & Engineers (A&E), Artisan & Trade Contractors, Banks, Brokers/Dealers, Data Processing & Management, Insurance Companies, Real Estate Agent/Broker, Real Estate Appraiser, Title/Escrow Agents

Carriers: Beazley Insurance Co. Inc.

Coverage: Crime, General Liability, Management Liability, Professional Liability

Limits: up to $5 Million

Property Preservation (Mortgage Field Services)

Administered By: Brunswick Cos.

Distribution: Program Administrator

Industries:

Home Inspectors/Inspections, Real Estate Appraiser

Carriers: Hanover Insurance Group Inc.

Coverage: E&O, General Liability

Limits: Call - for Limits

Real Estate Agents E&O and Real Estate Appraisers

Administered By: Burns & Wilcox Brokerage

Distribution: Program Administrator

Industries:

Real Estate Agent/Broker, Real Estate Appraiser

Carriers: The Navigators Group Inc.

Coverage: Errors & Omissions (E&O), Professional Liability

Limits: up to $5 million