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appraisers errors and omissions

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.

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Additional Information

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.