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The professional indemnity insurance protects both us and the client by covering the financial consequences of a demonstrably defective appraisal report in the event of a claim.
As a publicly appointed and sworn valuer, we are required by the chamber to carry a minimum insurance sum that is significantly above the usual market standards.
Before commissioning, clients should actively inquire about the existence and coverage amount of professional indemnity insurance, especially in the case of high-value properties or legally complex cases.
Typical coverage amounts range, depending on the chamber and scope of appointment, in the area of several hundred thousand euros per claim, in order to ensure adequate protection even for high-value properties.
Without such insurance, in the unlikely event of a claim, the client bears the full risk of a compensation claim against us that may not be enforceable.