Monday, April 9, 2018

Protect Your Business with Higginbotham Insurance

Joy S. Simpson & Carsey Aycock
The following is a sponsored post by ISA Affinity Business Partner (ABP), Higginbotham. Learn more about ABP membership.

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 jsimpson@higginbotham.net.

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! While it is rare for Bailees to cover these items, we have given back coverage for members in good standing with ISA. Please note, however, that loose 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 period 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 us know and we will attach a special endorsement to the policy allowing it to cover owned items.

Is coverage available in Canada?
At the time we are not able to offer coverage in Canada. However, Jamie and I are working hard to make this happen as soon as possible.

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 D&O/Professional Liability have no deductible.

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 817-347-7007 | C 817-881-4196 | F 817-347-6981 | jsimpson@higginbotham.net

Carsey Aycock, Account Executive
T: 817 349-2288 | F: 817-347-6981 | caycock@higginbotham.net

3 comments:

  1. I signed up with Higginbotham at conference and am thrilled with my new insurance policy. I am getting three times the coverage for less money than I was paying before with another company for just E&O. The gals from Higginbotham are great at explaining the program and very patient with questions. Thanks ISA for this terrific new member benefit!!
    Christine Guernsey, ISA CAPP

    ReplyDelete
    Replies
    1. Christine, We are so pleased to have you as our customer! Thank you for the kind words!

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