What does appraisers errors and omissions mean?

appraisers errors and omissions meaning in Insurance Dictionary

Provides coverage for an appraiser or appraisal company against statements alleging negligence when you look at the growth of an assessment for the claimant. The guidelines are written on a claims-made basis and cover financial losses caused by mistakes in appraisal procedure (age.g., an appraiser overestimated the value of a building causing the owner to pay an inflated level of home income tax). These types of coverage is also sometimes included within real estate brokers errors and omissions guidelines.