Protect Your Business with Higginbotham Insurance
Monday, April 9, 2018 in Business Tips
Dear ISA members,
It was such a pleasure to attend Assets 2018 in Pasadena this past month! I am very pleased to announce that we have officially launched the insurance program for the International Society of Appraisers. At Assets, I was afforded the opportunity to pilot the program with several members by quoting and even issuing policies right there at our booth. Please don’t hesitate to contact me if you would like to apply, or you can fill out the online application form and submit it via email to firstname.lastname@example.org.
My teammate, Carsey Aycock, and I are available to you for any questions. Our direct contact information is listed below. We have also included answers some of the most common questions that come up when purchasing insurance. I look forward to the opportunity to become your insurance partner!
Insurance Program Summary for ISA Members
- General Liability and Professional Liability (E&O): $1,000,000/$2,000,000
- Bailees: Various limits available, $15,000 with a $500 deductible recommended as a starting point
Frequently Asked Questions
What is included in the insurance program?
The program packages together General Liability, Professional Liability, and Bailees (Inland Marine). You can choose to purchase any one of these coverages a la carte with the exception of Professional Liability, which must be combined with General Liability.
What is Inland Marine?
This is another term for Bailees which is coverage for objects of art, rarity, or historic merit in your care, custody, or control.
What is Professional Liability?
This is another term for E&O (Errors & Omissions) and is coverage for you should you make an error or omissions within your professional service as an appraiser.
What is General Liability?
This is your basic “slip & fall” insurance and covers you for claims of bodily injury or property damage that you may become legally liable for.
Are jewelry and watches covered in the Bailees policy?
Yes, if requested on your application. While it is rare for Bailees to cover this, we have given back coverage for members in good standing with ISA. Please note however – lose precious and semiprecious stones, bullion, gold, silver, platinum, or other precious metals or alloys are not covered.
How far back will the insurance program cover me for E&O/Professional Liability?
The insurance program will not cover you for any claims that occurred before you purchased the policy. If you are moving from a different E&O policy, you should inquire about an extended reporting period from your current agent (known as Tail Coverage). This would allow you to report claims to that policy for an extended period of time, after the cancellation. Once you are with our insurance program, you will have coverage back to the day you bound a policy with us.
Is art conservation covered in this program?
No, unfortunately, it is not.
Are objects of art, rarity, or historic merit that I own covered by Bailees?
No, not automatically. However, if you need coverage for owned items, please let me know and we will attach a special endorsement to the policy allowing it to cover owned items.
What are the deductibles on the insurance program?
The Bailees typically has a $500 deductible (higher deductibles result in very low premium savings so it’s not recommended). The General Liability and E&O/Professional Liability have no deductible.
What payment options are available for the insurance program?
You have the option to pay in full or in 4 installments (billed every 60 days from policy inception).
What if I need other types of insurance like worker’s compensation?
I can absolutely provide quotes for other types of insurance, just give me a call and we can talk through your specific needs.
Joy S. Simpson, MFA, CIC Associate – Business Insurance
P 713-572-4753 | C 817-881-4196 | F 817-347-6981 | email@example.com
Carsey Aycock, Account Executive
T: 817 349-2288 | F: 817-347-6981 | firstname.lastname@example.org