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Professional liability insurance for appraisers
Liability insurance is mandatory for all appraisers, whether individual or appraisal entity, pursuant to the Federal Law No. 135-FZ “On appraisal activity in the Russian Federation” dd. July 29, 1998.
What does appraiser liability insurance protect against?
- Claims made against the appraiser by a client or third party suggesting that they have suffered loss as a result of act, error or omission in the services which have been provided in violation of the federal appraisal standards, uniform standards and regulations of professional appraisal practice established by a self-regulating organization of which the appraiser was a member at the time of loss.
- Claims made against the appraisal entity by a client that has signed a contract for appraisal services and that has suffered loss as a result of a contract breach or third party property damage due to violation of the Federal Law, federal appraisal standards, uniform standards and regulations of professional appraisal practice, or other laws of the Russian Federation regulating appraisal practices.
Since each registered appraiser must maintain a continuous insurance in order to meet the Federal Law’s requirement for appraiser liability, we at ENERGOGARANT have designed a policy with a retroactive date coverage which covers ‘gaps’ that for whatever reason occur in insurance coverage and helps customers to ensure their business is a success.
If you have any questions about insurance, please contact us
Sum insured and amounts payable
Sum insured under an appraiser professional liability insurance policy may not be less than: 300,000 rubles for an individual appraiser; 5,000,000 rubles for an appraisal entity.
Appraiser insurance coverage includes:
- claims of a loss made by a client against the appraiser which were caused by provision of a professional service under a contract for appraisal services concluded with the client, including breach of contract claims
- property damage caused to third parties as a result of erroneous appraisal of a property's market value or other estimate performed by an appraisal(s)
- property damage of third parties caused by incorrect employment of the recognized methods and techniques that are necessary to produce a credible appraisal.