Colorado Appraiser Errors & Omissions Insurance

January 1, 2024 to January 1, 2025 Policy Period ONLINE NOW AVAILABLE!

Click “Enroll or Renew” to the left for more information.

Under agreement with the Colorado Department of Regulatory Agencies

The Colorado Department of Regulatory Agencies (DORA) selected RISC to provide the state group E&O insurance policy for real estate appraisers, which is issued by Continental Casualty Company, a CNA insurance company. The program is designed specifically for Colorado appraisers and exceeds state minimum requirements. The state group program offers affordable E&O insurance to each and every active appraiser by spreading the risk over a large number of insureds. Without the group program’s low premium, other carriers have no incentive to offer appraiser E&O policies at affordable prices. In states without a group program, appraiser E&O premiums may cost thousands of dollars and some appraisers report difficulty obtaining insurance.

Colorado appraisers who also have an active real estate license may satisfy Colorado’s appraiser and real estate broker E&O requirements by purchasing insurance through our real estate broker group program and adding an appraisal endorsement.

The program referenced herein is underwritten by Continental Casualty Company, a CNA insurance company. This information is for illustrative purposes only and is not a contract. It is intended to provide a general overview of the products and services offered. Only the applicable policy can provide the actual terms, coverages, amounts, conditions, and exclusions, which may be subject to change without notice. In the event of a claim, the nature and extent of coverage is determined based upon the claim’s facts, circumstances, and allegations and application of the relevant policy’s terms, conditions, and exclusions. The E&O program described herein is only available in Colorado. CNA is a registered trademark of CNA Financial Corporation. Copyright © CNA. All rights reserved.

Sample Policies and Endorsements

1. 2024 Sample Policy

2. 2024 Optional Endorsements

3. 2024 Policy Features Flyer

4. 2023 Sample Policy

5. 2023 Optional Endorsements

6. 2023 Renewal Notice

7. Claims

8. Excess Coverage

Enroll or Renew

Thank you for considering our program. If you have questions about the program or how to purchase coverage, feel free to contact us or view our frequently asked questions. Please note we CANNOT accept any payment information over the phone.

NOTICE: This policy is a CLAIMS-MADE-AND-REPORTED policy and subject to its provisions, applies only to a claim first made during the policy period. No coverage exists for claims first made after the policy period unless, and to the extent, the extended reporting period applies.

January 1, 2024 to January 1, 2025 Policy Period ONLINE NOW AVAILABLE!

Enroll Online: Please Note that we now have a new online enrollment system. Unless you have made a purchase online since this site went live on October 3, 2016 you DO NOT have a login.
Enroll or Renew

Enroll by Mail – Mail your completed form with applicable premium by check or money order (payable to RISC) to either address below:

Individual Licensee Coverage

• Enrollment Form: Purchase coverage to be effective January 1*

January 1, 2023 to January 1, 2024 Policy Period

Individual Licensee Coverage

• Prorated Enrollment Form: Purchase coverage to be effective after January 1*
• Supplemental Application Form for $1,000,000 per Claim / $1,000,000 Aggregate Increased Limits of Liability Endorsement:  Contact us at 1-800-637-7319, Ext. 1 or policyadministrator@risceo.com, and we will be happy to send you this application.
• Endorsement Request Form: Request to add an endorsement to an individual policy if you already have insurance through the group policy. (If you have not yet purchased insurance through the group policy, you can purchase endorsements during enrollment.)

IMPORTANT NOTICE ABOUT GAPS BETWEEN POLICY PERIODS AND LOSS OF PRIOR ACTS COVERAGE:
To have coverage for professional services performed before the effective date of your policy, there cannot be any break between the expiration of your prior E&O insurance and the inception of your new policy. If you have even a one-day gap, then there would be no coverage for any claims relating to professional services provided before, and through, the last day of the gap, even if you have coverage when the services were performed and again when the claim arises. If you are joining the group program after being insured through another provider, it is important that there be no gap between your current policy’s end date and the start of your coverage through the group program. We cannot issue coverage with an effective date before January 1, 2018. Once you are insured through the group program, it is important to timely renew your coverage to prevent any gaps. Please contact us with any questions or concerns. Always pay your premium on time to avoid a break in coverage, protect yourself from uncovered claims and avoid penalties and fines.

Failure to maintain continuous coverage may also violate state law and result in administrative penalties and fines.

The program referenced herein is underwritten by Continental Casualty Company, a CNA insurance company. This information is for illustrative purposes only and is not a contract. It is intended to provide a general overview of the products and services offered. Only the applicable policy can provide the actual terms, coverages, amounts, conditions, and exclusions, which may be subject to change without notice. In the event of a claim, the nature and extent of coverage is determined based upon the claim’s facts, circumstances, and allegations and application of the relevant policy’s terms, conditions, and exclusions. The E&O program described herein is only available in Colorado. CNA is a registered trademark of CNA Financial Corporation. Copyright © CNA. All rights reserved

Why Choose RISC

Colorado’s mandatory E&O insurance requirement for real estate appraisers is fairly new. However, Colorado has required E&O insurance for real estate brokers for some time. RISC is proud that it was chosen to provide the state’s group appraisal program and brings the same experience and service to appraisers as it has to real estate brokers for many years.

Since 2014, over $11,000 in defense costs and damages have been incurred by Continental Casualty Company (a CNA insurance company) on behalf of Colorado real estate licensees as of September 1, 2019. RISC and the carrier share a commitment to their insureds to provide valuable coverage to Colorado appraisers. When shopping for insurance, it’s important to ask about the company’s experience and paid Colorado claims. If a company is charging a very low amount, you may find the carrier doesn’t provide much coverage or pay many claims. Remember, even frivolous claims can result in thousands of dollars in defense costs.

Experience – The Rice family and their colleagues have specialized in state-mandated real estate E&O programs since 1989. We provide the group policies in all 15 states that have group programs and require real estate licensees to maintain insurance. All of our real estate group programs allow real estate licensees who are also licensed appraisers to purchase an endorsement to cover appraisal activities, so we have handled thousands of appraisal claims. When Colorado started its group program for real estate appraisers, we had the experience and expertise to be selected to administer it.

Consistency – We handle all aspects of the program, providing ease and consistency throughout the entire process, from obtaining coverage to claims resolution. With other providers, you may have to contact different companies for different issues, such as purchasing coverage and reporting claims.

Customer Service – We pride ourselves on excellent customer service and the positive remarks we receive from insureds, regulators, educators, attorneys, and others.

Claims Handling – Even if you don’t think a claim will be made against you, how a company responds when a claim is made is important, because anyone can be the victim of a frivolous claim or make an honest mistake. Some people assume insurance companies look for reasons to deny coverage. Our duty to find coverage where the policy supports it is our utmost concern.

Our adjusters specialize in real estate E&O claims. Being faced with a claim is often frustrating. Our adjusters handle each claim with knowledge and understanding.

Dedication – You can be confident we will be here for you after you purchase coverage. Unlike some providers, we won’t cancel your policy or refuse to renew your coverage simply because you have a claim. Even the most careful professional may make an honest mistake or be the victim of a frivolous claim, and we are here to help if it happens to you.

The program referenced herein is underwritten by Continental Casualty Company, a CNA insurance company. This information is for illustrative purposes only and is not a contract. It is intended to provide a general overview of the products and services offered. Only the applicable policy can provide the actual terms, coverages, amounts, conditions, and exclusions, which may be subject to change without notice. In the event of a claim, the nature and extent of coverage is determined based upon the claim’s facts, circumstances, and allegations and application of the relevant policy’s terms, conditions, and exclusions. The E&O program described herein is only available in Colorado. CNA is a registered trademark of CNA Financial Corporation. Copyright © CNA. All rights reserved

Pricing & Available Coverage

Limits of Liability, January 1, 2023 to January 1, 2024 – $308   
$100,000 per claim / $300,000 aggregate with $500 damage deductible. (Only one deductible applies if a claim involves multiple appraisers with the same firm.)

• February – $282
• March – $257
• April – $231
• May – $205
• June – $180
• July – $154
• August – $128
• September – $103
• October – $77
• November – $51
• December – $26

Increased Limits Available – Available for additional premium
Increased limits available to individual appraisers in the amounts of:

• $300,000 per claim / $600,000 aggregate – $239
• $500,000 per claim / $1,000,000 aggregate – $325
• $1,000,000 per claim / $1,000,000 aggregate – $374
  (To request a $1,000,000 per claim / $1,000,000 aggregate increased limits endorsement, you must submit a supplemental application form, along with the additional information listed on the form. The carrier may refuse to issue any increased limits endorsement for any reason, including a misrepresentation regarding type of appraisal activity or claims history.)

First Dollar Defense – Automatically included    
Applies WITH NO CONDITIONS to all covered claims

Unlimited Defense Costs   – Automatically included
There is NO LIMIT on the amount of defense costs the carrier will pay in connection with claims covered under the basic policy limits. (There are limits on defense costs under the regulatory complaints, subpoena, discrimination, and lock box coverages, since they are not covered at all under many traditional E&O policies.)

Firm Coverage – Automatically included
Appraiser firm included in the definition of insured for vicarious liability for covered claims.

Retroactive / Prior Acts Coverage   – Automatically included
Insures prior transactions, provided you have maintained continuous real estate appraiser E&O insurance (from any provider) from the date of the professional services to the date the claim arises. Some policies do not apply to professional services performed while the insured was with a different carrier or associated with a different appraiser firm.

Discrimination / Fair Housing Coverage – Automatically included
$100,000 per claim / $200,000 aggregate (damages and defense costs, combined)

Lock Box Coverage – Automatically included
$10,000 per claim / $20,000 aggregate (damages and defense, combined)

Regulatory Complaints Coverage   – Automatically included
$2,500 per regulatory complaint / $5,000 aggregate (defense costs)

Subpoena Assistance – Automatically included          
Up to $2,500 (maximum during the policy period) in attorneys’ fees to respond to a subpoena arising out of covered professional services.

Appraisal Trainee Endorsement – $100 per trainee
Insures specific appraiser trainees listed in the endorsement up to policy limits.

Territory – Subject to Policy Provisions      
If you are domiciled in Colorado (either actually domiciled or considered to be domiciled by the policy provisions), the policy will insure professional services provided anywhere in the world, provided you are duly licensed in the state where services were provided, and the services would require a appraiser license had they been performed in Colorado. If you are not actually domiciled in Colorado or not considered to be domiciled in Colorado under the policy provisions, the policy will only insure professional services rendered in Colorado.

The program referenced herein is underwritten by Continental Casualty Company, a CNA insurance company. This information is for illustrative purposes only and is not a contract. It is intended to provide a general overview of the products and services offered. Only the applicable policy can provide the actual terms, coverages, amounts, conditions, and exclusions, which may be subject to change without notice. In the event of a claim, the nature and extent of coverage is determined based upon the claim’s facts, circumstances, and allegations and application of the relevant policy’s terms, conditions, and exclusions. The E&O program described herein is only available in Colorado. CNA is a registered trademark of CNA Financial Corporation. Copyright © CNA. All rights reserved.

Comparing Policies: What to Consider

What to Consider When Selecting an E&O Policy

Always Review the Actual Policy Provisions – The most accurate representation of what a policy covers is the policy itself. Some questions you might want to consider: