Professional Liability Consulting Services, Inc. is a Broker Member of the Victor Insurance Managers National Elite Broker Network and a leading and recognized industry expert for Real Estate Errors & Omissions (E&O) Insurance.
Available in Arizona, Connecticut, Colorado, District of Columbia, Illinois, Indiana, Kansas, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, and Washington.
Cost-Effective, Comprehensive, and Trustworthy Insurance Coverage Solutions for:
Real estate appraisers • Single family residential appraisers • Multi-family residential appraisers • Lots and vacant land appraisers • Commercial and industrial property appraisers • Farm and ranch appraisers • Land development appraisers.
Coverage for an expert witness, real estate consultant, or counselor is provided if such services are limited to real estate appraisals.
Coverage may also be extended to include the following services:
PLEASE BE ADVISED: Please be advised that the above titles, headings, definitions, terms, and descriptions are for illustrative purposes. Policies differ, so please review the policy and all endorsements for a complete description of coverage, as specific coverage extensions, conditions, and exclusions apply.
Available in Arizona, Connecticut, Colorado, District of Columbia, Illinois, Indiana, Kansas, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, and Washington.
Submission Requirements for Real Estate Appraisal Firms & Individual Licensees:
Remember, all applications must be signed and dated by the Principal/Owner of the applicant firm.
We Highly Recommend Standalone Cyber Liability Coverage.
We Highly Recommend A Standalone Employment Practices Liability Policy.
Very Important. Coverage cannot be bound until all required documentation and the premium due are received, reviewed, and accepted by Underwriters. Coverage cannot be back-dated, so please ensure your information is submitted on time. All submissions are individually underwritten to determine program eligibility and terms.
Please email or fax completed forms to: newbusiness@plcsi.com
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Negligence: Failing to meet the standard of care in appraising properties can lead to claims from clients or third parties.
Misrepresentation: Providing inaccurate or misleading appraisals can result in legal action, particularly if the appraisal affects financial decisions.
Conflicts of Interest: Not disclosing relationships or interests that could influence the appraisal process may expose appraisers to liability.
Errors and Omissions: Mistakes in the appraisal process, such as miscalculating property values or overlooking critical data, can lead to claims.
Fraud: Allegations of intentional misrepresentation or fraud can have serious legal repercussions.
Regulatory Compliance: Failing to comply with local, state, or federal regulations governing real estate appraisals can result in penalties and liability.
Defamation: Negative statements about a property or its owner in an appraisal report could lead to defamation claims.
Client Relations: Disputes with clients over appraisal values or methodologies can escalate into legal issues.
Market Fluctuations: Sudden changes in market conditions affecting property values might lead to claims if clients believe appraisals were not adjusted appropriately.
Technology Risks: Using automated valuation models (AVMs) or other technology can lead to liability if these tools produce inaccurate results.
Real estate appraisers should maintain appropriate professional liability insurance and stay updated on best practices to mitigate these exposures.
Negligence: Failing to meet professional standards or deadlines, including not conducting proper legal research, missing filing deadlines, failing to advise clients appropriately, giving incorrect or incomplete legal advice, and lacking due diligence in reviewing legal documents or contracts.
Conflict of Interest: Representing clients with conflicting interests, such as multiple clients with adverse positions or personal interests that interfere with professional duties, and failure to disclose conflicts or obtain proper consent from all affected parties.
Breach of Confidentiality: Disclosing client confidence or sensitive information without proper authorization and failing to protect client information, especially in the digital age.
Failure to Supervise: Failure to properly supervise associates, paralegals, or other employees leads to errors or omissions and inadequate oversight of subordinates’ work, especially in cases involving complex legal issues.
Fraud or Misrepresentation: Making false representations or failing to disclose material facts that could influence a client’s decision or the case outcome and engaging in fraudulent conduct or misusing client funds.
Incompetence: Taking on cases outside one’s expertise or failing to provide competent legal representation and not staying updated on changes in law or legal procedures relevant to a case.
Client Relations and Communication: Poor communication with clients leads to misunderstandings, dissatisfaction, or loss of trust, as well as failure to provide updates, manage client expectations, or adequately explain legal terms or processes.
Failure to File or Meet Deadlines: Missed filing deadlines, court dates, or failure to comply with procedural requirements can lead to negligence and malpractice claims. In cases involving statutes of limitations, missing deadlines can be particularly problematic.
Litigation Strategy and Decision-making: Poor strategic decisions in litigation include taking unwarranted risks, failing to pursue meritorious claims, and misjudging the likelihood of success or settlement opportunities.
Client Mismanagement: Failing to manage the client’s legal affairs organizationally, resulting in economic loss, penalties, or legal consequences.
Conflict with Third Parties (e.g., opposing counsel, courts): Claims may arise from mishandling interactions with third parties, such as opposing counsel or the courts, which may harm a client’s interests.
Alleged Violation of Ethical Standards: Claims arising from perceived violations of the professional code of ethics, such as misconduct, dishonesty, or breaches of fiduciary duties.
The above exposures highlight the complex nature of legal work and the importance of maintaining high professional standards, staying informed about legal developments, and ensuring effective client communication and management. Legal malpractice claims can arise from minor oversights, so adequate professional liability coverage is crucial for all practicing attorneys.