What Risks Do Auctioneers Face and Where is the Coverage?
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Exposure Examples |
Coverage |
|
Slips and Falls |
General Liability Policy |
|
Vase on the table breaks |
Care, Custody & Control Policy |
|
Item is stolen |
Care, Custody & Control Policy |
|
Didn't get the price you
predicted |
Errors and Omissions Policy |
|
Hurt while operating equipment |
General Liability Policy |
|
Misrepresented the item |
Errors and Omissions Policy |
|
Litigation (you get sued) |
Errors and Omissions Policy |
|
Data / credit card security |
Database Breach Policy |
|
Building is damaged |
Property Policy |
General Liability
Covers liability for injury to person or
property caused by you, your company or its employees for exposures including but not limited to:
- Bodily Injury - from your basic slip and fall
- Property Damage - destruction or theft of your property up to you policy limit
- Personal Injury (libel or slander) - provides defense coverage if you are accused of either libel or slander
- Advertising Injury - invasion of privacy or misappropriation of advertising ideas or style
- Medical Expenses
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Auctioneer's Errors and Omissions (E&O) or Professional Liability
This coverage provides you, your company or its employees from lawsuits brought by a third party or your client holding
you responsible for failing to provide services as an auctioneer as stated in your contract. Exposures include but are not limited to:
- Third party lawsuits
- Defense expense
- Professional services (failure to perform)
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Care, Custody, Control (CCC)
Provides coverage for you, your company or employees against damages brought by your clients for their property while in your care,
custody or control if such an item is broken, lost or stolen. This coverage is not for anything with wheels, but small
personal items.
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Property Coverage
Covers damage to your business property.
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Auto Hired / Non-owned
Gives liability coverage for bodily injury and property damage arising out of the use of a "hired" or "non-owned auto".
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Electronic Data Processing
Coverage for direct physical loss of, or damage to, electronic data processing equipment or electronic media and data caused by
or resulting from a covered cause of loss.
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Umbrella
Gives additional coverage for claims over the amount provided by your primary policy. An umbrella policy can be layered over
multiple business owner policies at the same time.
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Excess Coverage
Provides additional coverage limits for the purpose of increasing limits. This is accomplished by "stacking" a second (policy) layer
of coverage over, or on top of the first (primary) policy.
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Inland Marine
Covers your business property (items must be individually scheduled) when away from your business location. This coverage is
usually for larger items and can also be used for items on wheels that you do not own, but that are in your care, custody or control.
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Database Coverage
Provides coverage for you, your company or employees against the loss of your client's, vendors or employees' personal and private information
such as Drivers License number, Social Security number or Credit Card information.
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Real Estate Errors & Omissions
This coverage protects you, your company and employees from lawsuits brought by a third party or your client holding you responsible for failing
to provide services as a Real Estate Agent or Broker. Exposures include but are not limited to:
- Third party lawsuits
- Defense expense
- Professional services (failure to perform)
If you are and Auctioneer that also markets and sells Real Estate by the auction method and you are acting as the Real Estate Agent or Broker,
then you also need this coverage in addition to an Auctioneer E&O policy.
For more information on products for
licensed real estate agents and brokers, click here.
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On-line Auction Coverage
Coverage for third party liability coverage for Advertising and Personal Injury, Intellectual Property Infringement,
Unauthorized Access, Virus Transmission, Errors, Omissions or Negligent Acts during an on-line auction.
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DISCLAIMER: The description herein is a summary indication only. It does not include all terms, conditions and exclusions of the policies described.
Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all jurisdictions.
Issuance of coverage is subject to underwriting. * In order to qualify for premium credits you must be a member you local state
association and occupational with registration laws. |
