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What is a Claim?
A “claim” generally means a demand against you (the insured) seeking damages arising out of a wrongful act by you in the rendering of professional services which you are legally qualified to perform as a real estate appraiser. If you have obtained the required endorsement, your policy may also apply to professional services rendered as a real estate agent or broker. The precise definitions of “claim” and coverage are set forth in your policy.
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• A complaint filed in court seeking damages from you in connection with an alleged error in one of your appraisals. (In most states, a complaint will be accompanied by a summons. In other states, you may be served with a citation or a petition.)
• A demand letter from a lender or property owner seeking damages from you for an alleged error in one of your appraisals
• A letter alleging potential damages or “putting you on notice” of a claim
Signs of Potential Claims May Include:
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• Notice of a bad review from a lender
• A subpoena for a deposition
• A threatening phone call
• Discovery of a possible error in your appraisal report
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Which Incidents Should I Report?
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To preserve coverage and obtain any assistance which may be available under your policy, you should immediately report all incidents or events which might be claims or potential claims
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• Receipt of any kind of a document indicating you may be named in a lawsuit (for example, a summons, complaint, citation or petition) |
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.......• Time is of the essence; a response is due and must be filed within the
..........designated time frame.
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• Demand letter
• Complaint letter
• A request for your E&O information
• A threatening phone call: When should I report a threatening phone call to LIA?
.......• If you suspect a claim might ensue
.......• If any demands are made
.......• If you discover you made a mistake
.......• If you have any other concerns
• Notice of an investigation by your state board
• Subpoena for documents, testimony or deposition: When should I report a subpoena to LIA?
.......• ALWAYS!
The extent of any coverage available for claims under your policy is determined by the terms, conditions and policy limits set forth in your policy for the type of claim reported
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What Do I Do When I Receive a Claim?
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Call LIA (800-334-0652) and ask to speak to the claims department to report a claim and/or for assistance and guidance.
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What Documentation Do I Need to Send to LIA?
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In the event of receipt of a:
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Lawsuit / Court Complaint
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• A copy of the entire document you were served with, including the summons and Complaint and any other attachments
• A copy of the relevant appraisal/s
• Note the date of service
• Prepare a written narrative of your version of what happened
• Copies of any previous correspondence relating to the matter
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Demand Letter / Complaint Letter / Request for Information
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• A copy of the document you received, including any attachments
• A copy of the relevant appraisal/s
• Prepare a written narrative of your version of what happened and/or a draft response to the allegations, if applicable
• Copies of any previous correspondence relating to the matter
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State Board Complaint / Administrative Complaint / Licensing Complaint
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• A copy of the document you received (notice of complaint or investigation), including the complaint and any other attachments
• A copy of the relevant appraisal/s
• Prepare a draft response / rebuttal to the allegations; or, if you already responded to the state board, a copy of your response
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Threatening Phone Call
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• Prepare a written narrative of what occurred
• A copy of the relevant appraisal/s
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Subpoena for Documents, Testimony or Deposition
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• A copy of the subpoena and any attachments
• A copy of the relevant appraisal/s
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Where in My Liberty Policy Can I Find claim Reporting Instructions?
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Refer to VI. CONDITIONS, paragraph (A) and (B).
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Claim Do’s and Don’ts
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Click here for view "Claim Do's and Don'ts" Claim Alert Newsletter
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