It’s at an official auction that buying and selling go on through offers, bids and counter bids until the highest bidder claims a purchase.
This article deals with the insurance aspect in regard to an auctioneer of items, as well as an auction house.
Errors and Omissions Insurance for an Auctioneer
Auctions are part of a thriving industry. Companies, as well as individual people use this venue to sell surplus property or items at the following proceedings:
- Estate sales
- Art sales
- Livestock auctions
- Other events that operate as auctions
This form of errors and omissions insurance is a professional liability coverage that is specifically designed for the auctioneer or the auctioning business against related negligence or error or omission lawsuits.
Insurance Coverage for the Auction House
From the insurance perspective, an auction house is viewed as a nonstandard fire risk because of the following elements:
- Insufficient water supply
- Distance from a fire department
- Poor maintenance
- Frequent cases of sub-average building construction
- Other factors
As a result, verifying suitable insurance to value on consigned personal property that an auction house may be lawfully liable for is typically challenging and limits the amount of obtainable markets that provide suitable coverage for personal property.
For a more thorough discussion about related insurance coverage, speak to an independent insurance agency that has the associated experience and know-how.
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Summary: PRIME Insurance highlights the auctioneer’s insurance coverage as well as coverage for the auction house.