How do I apply for coverage?
You can apply online or give us a call for a ballpark quote or an application: 800-640-7601. Office hours are 8:30 – 4:30 Eastern time.
What limits of liability should be purchased?
We recommend that you check with your clients to determine whether they require a specific limit of liability.
What payment options are available for Errors & Omissions insurance?
Option 1: Pay 50% to bind coverage, and the balance in 30 days. No fees or charges.
Option 2: Down payment of 25-30%, with the balance in quarterly or monthly payments. A finance charge applies. Ask for payment options when you request your quote.
Does the policy offer prior acts coverage?
Prior acts coverage is available in most cases if you can provide proof of uninterrupted coverage. You will need to submit a copy of your current/expiring Errors & Omissions Insurance policy declarations page.
What is a claims-made policy?
A claims-made policy defines how a policy responds to a claim. In order for coverage to apply, you must have coverage in force at the time the appraisal is performed AND at the time the claim is made, with no lapse in coverage.
What makes you different from other E&O providers?
Several things: First, our staff is knowledgeable, experienced, and responsive. Second, we stay on the cutting edge of the profession, and provide extra coverages that you won’t find anywhere else. And finally, we are a stable market for appraisers. This program has been operating for more than 20 years, and our insuring company has been on the program for 15 years. Claims handling is top-notch because of this continuity and experience.
What are the advantages of choosing Intercorp’s program for Appraisal Management Companies?
We have a long history of serving the appraisal industry, from its infancy in the licensing/certification arena, through the dark times of the real estate crash in the 2007-2009 period. We maintained stability during the bad times as well as the good ones. That strength and stability was a driving force in developing this program for AMCs when they emerged as a new participant in the appraisal process. Add in our exceptional service, and you have an unbeatable combination.
How long does it take to get a quote and bind coverage?
In most cases, we are able to quote and bind coverage within 24 hours of receiving a completed application, signed acceptance of the quotation and premium payment, along with outstanding items specified in the “Conditions” section of the quotation.
Does the policy cover all types of appraising?
Yes, both residential and commercials real estate appraisers are eligible for coverage under this program.
Do you provide coverage for appraisers who have had a claim or disciplinary action?
We review each account individually, as well as the details surrounding any claim or disciplinary action. In most cases, we are able to offer a proposal for coverage.
What happens when I am no longer appraising or retire?
An Extended Reporting Endorsement will be offered to you. This endorsement extends the period of time in which to file a claim under your policy. We offer Extended Reporting Endorsements for periods of one to five years and an unlimited endorsement for qualified retirees.
Why does an appraisal management company need this coverage if each of the individual appraiser subcontractors is required to carry their own E&O coverage?
The appraiser’s errors and omissions policy protect the appraiser, not the AMC. Because appraisal management companies serve in an intermediary capacity between the lender/client and the appraiser, there are many steps in the appraisal process where communications break down, deadlines are missed, or other factors impede the process to the point that financial harm is caused to some of the parties.