Appraiser Express (APEXP)
Overview
Section titled “Overview”Appraiser Express (APEXP) provides professional liability coverage for property appraisers. It uses a specialized rating algorithm based on disciplinary history and claims experience factors, rather than the revenue-based approach used for accountants and real estate.
Rating Factors
Section titled “Rating Factors”| Factor | Description |
|---|---|
| DAF — Disciplinary Actions Factor | Applied when the appraiser has prior state board or professional disciplinary actions. This factor increases the premium. |
| ILF — Incurred Losses Factor | Applied based on prior claims history. Higher incurred losses result in a higher premium. |
| AMC Coverage | Additional premium for appraisers who operate as or work for an Appraisal Management Company |
| Trainee Coverage | Endorsement that adds coverage for appraiser trainees supervised by the insured |
New York Rating
Section titled “New York Rating”New York has a separate rating path for appraisers with state-specific base rates and factors. The premium for New York policies is calculated differently from all other states.
Coverage Details
Section titled “Coverage Details”- Professional liability (errors and omissions) for property appraisers
- Claims-made coverage form
- Optional Appraisal Management Company (AMC) coverage
- Optional appraiser trainee coverage
Cancellation
Section titled “Cancellation”Appraiser Express cancellation follows a dedicated processing path separate from other product lines. See Cancellation for instructions.
Workflow Notes
Section titled “Workflow Notes”- Simplified underwriting — no full IRM questionnaire required
- Enter the number of appraisers, disciplinary history, and claims history on the application
- DAF and ILF are applied automatically based on your entries