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What is appraisers errors and omissions insurance?

April 26, 2017appraisers errors Insurance omissions

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What is appraisers errors and omissions insurance?

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Appraiser E&O insurance covers losses and legal expenses generated by client claims of error, omission, or negligence during the appraisal of a residential or commercial property. A common cause of appraisal litigation: misappraisal, particularly, the undervaluing of a property. This can be due to appraiser error or a general decline in property values.