General Star Management professional liability coverage for real estate appraisers has been approved and is now available in New York on an admitted basis. Underwritten by General Star’s Professional E&O Division, coverage is provided by General Star National Insurance Co.
The coverage now offered to real estate appraisers on an admitted basis in New York includes subpoena coverage, third-party notification for data privacy/electronic information breach, and legal services related to state licensing board investigation. An option for unlimited tail coverage arising out of the disability, retirement or death of the insured is also available without charge, subject to eligibility (policyholder for five or more consecutive years).
Two features of the General Star policy for real estate appraisers include: no deductible for all appraisers insured within the appraisers program; and no FDIC exclusion (“regulatory action exclusion endorsement”) for policies with a retro date on or after August 1, 2008.
General Star policyholders can also access a risk management hotline for immediate guidance on how to prevent a problematic situation from turning into a claim. Insureds are also invited to connect with the hotline to obtain counseling regarding best practices or the expected impact of changes in professional standards.
General Star is finalizing website enhancements that will enable appraisers to apply online and immediately receive a binder and policy if they meet underwriting requirements. Online access by policyholders to the policy declarations page and policy packet will be available 24/7.
Marsh U.S. Consumer, a service of Seabury & Smith, Inc., is the exclusive program administrator for General Star’s real estate agents & brokers and real estate appraisers programs.
General Star National is licensed in the District of Columbia, Puerto Rico and all states except Connecticut, where it is an eligible surplus lines insurer. Insurance is placed with the General Star companies by licensed producers and, for risks that qualify, by licensed surplus lines brokers. This product is not available in all states.