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Appraisers Errors And Omissions

Appraisers Errors and Omissions

Definition

Appraisers Errors and Omissions — 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 errors and omissions policies.

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