INSURANCE FOR ERRORS & OMISSIONS
As Per CNAREA Bylaws:
Article 5 – Conditions of Membership
Section 5-5
All designated appraiser members, including all Candidate members, of the association must provide proof of current errors and omissions insurance coverage.
Article 6 – Membership Designations
Section 6-3
Candidate Non-Fee members are not permitted to complete any appraisal related activities or assignments. As such, there are no requirements for Candidate Non-Fee members to carry E&O Insurance.
*If you choose to be a Non-Fee, Retired, or inactive member, please consider purchasing tail end insurance. If you do not, you may not be eligible for coverage in the future and as a result will not be eligible to be an Active appraiser with CNAREA. It is recommended to carry this tail end insurance, for as long as USPAP recommends to keep your workfiles.*
Member Errors & Omissions Liability Insurance Program Premiums
Extended coverage for DAR or DAC members who are already personally insured, with company or corporation revenues up to $150,000 per year, are included in your premium.
If the company or corporation revenues are over $150,000 per year, the insurance cost is by Special quote only.
Insurance Provider : PROLINK