What does Appraisers Errors and Omissions mean? Read on to discover the definition & meaning of the term Appraisers Errors and Omissions - to help you better understand the language used in insurance policies.
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.
We hope the you have a better understanding of the meaning of Appraisers Errors and Omissions.