Turkey: Guidelines issued on professional liability cover for real estate valuers
Source: Middle East Insurance Review | May 2020
The Insurance Association of Turkey (TSB) has published guidelines on professional liability insurance for real estate appraisers.
Real estate valuation professional liability insurance protects the policyholder against the claims made by third parties in case of an unrealistic appraisal made due to error, negligence or defect that may occur during the preparation of the real estate valuation report or of any information that will affect the valuation of the property.
The guidelines stated that in order for the policyholder to be able to claim on the insurance policy, the conditions to be met include:
- The property valuation has to comply with international valuation standards;
- The property valuation exercise has to be carried out in the period specified in the policy; and
- Any claim must be directed to the insurance company during the contract period, or as a result of damage to others within two years from the end of the contract. M