Glossary

Appraisers errors and omissions (E&O) insurance provides coverage for an appraiser or appraisal firm against claims alleging negligence in the development of an appraisal for the claimant. The policies are written on a claims-made basis and cover economic losses resulting from errors in the appraisal process (e.g., an appraiser overestimated the value of a building, causing the owner to pay an inflated amount of property tax). Such coverage is also sometimes contained within real estate brokers E&O policies.

Asbestos is a mineral fiber that can pollute air or water and cause cancer or asbestosis when inhaled. The Environmental Protection Agency (EPA) has banned or severely restricted its use in manufacturing and construction. Liability arising out of asbestos-related injuries is commonly excluded from coverage in umbrella policies and in some general liability policies.