AUCTIONEER INSURANCE PROGRAM
Our auctioneer insurance program includes a general liability policy, with optional professional liability (error and omissions) and care, custody
and control endorsements.
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Slips and Falls |
General Liability Policy |
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Vase on the table breaks |
Care, Custody & Control Policy |
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Item is stolen |
Care, Custody & Control Policy |
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Didn't get the price you
predicted |
Errors and Omissions Policy |
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Hurt while operating equipment |
General Liability Policy |
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Misrepresented the item |
Errors and Omissions Policy |
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Litigation (you get sued) |
Errors and Omissions Policy |
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Data / credit card security |
Database Breach Policy |
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Building is damaged |
Property Policy |
Auctioneer
Insurance Program
 IT Risk Managers has designed this program specifically to cover the risks and exposures of auctioneers and was created with the help of the Michigan State Auctioneers Association.
This program is endorsed by the Michigan
State Auctioneers Association and a growing number of other
state associations.
We started with the
base policy of a general liability product
(GL) and add-on endorsements for Errors and Omissions (E&O) and Care, Custody,
and Control (CCC). This designs a policy specifically for auctioneers with more coverage and one that is more
cost-effective that purchasing separate plans. While this product does not cover every risk and exposure that
an auctioneer may have, we believe it to be the most comprehensive program available in the market place today.
If you already have a general liability policy this product would become an excess over and above your existing policy.
Special discounts are available to members of the Michigan State Auctioneers Association or other state associations and
auctioneers that are registered and/or licensed with their state and follow the occupational code voluntary registration
programs.
LIMITS OF LIABILITY: General Aggregate Limit $2,000,000 Products-Completed Operations Aggregate Limit $1,000,000
Each Occurrence Limit $1,000,000 Personal and Advertising Injury Limit $1,000,000 Fire Damage Limit $50,000 Any One
Fire Medical Payments Limit $5,000 Any One Person
COVERAGE OPTION: E & 0 Form Included in above policy limits — if accepted
COVERAGE OPTION: Care, Custody & Control $10,000 Per Item, subject to $50,000 Occurrence Limit and $100,000 Annual
Aggregate — if accepted
No Membership Limit $5,000 Per Item, subject to $25,000 Occurrence Limit and $50,000 Annual Aggregate — if
accepted
DEDUCTIBLE: $500 Per Claim (NOTE: $1,000 deductible available for $40 credit)
AUDIT BASIS: Estimated Gross Revenues: $150,000
PREMIUM — Minimum premium start at $1,500
TRIA (if accepted): (Additional Surplus Lines Taxes and Fee)
POLICY PREMIUM IS SUBJECT TO APPROPRIATE STATE SURPLUS LINES TAX —and filing fee in addition to the premium.
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General Liability
Covers liability for injury to person or
property caused by you, your company or its employees.
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Errors and Omissions
Covers claims for malpractice or errors
and omissions in rendering services.
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Care, Custody, Control
Covers against loss for items that you do
not own but are in your care, custody and control.
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Property Coverage
Covers damage to your business property.
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Auto / Hired non-owned
Covers liability for injuries caused by
the company vehicles and employee vehicles when use for
business purposes.
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Electronic Data Processing
Provides protection on computer hardware,
software and extra expenses incurred as a result of physical
damage or failure of such equipment.
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Umbrella
A type of liability insurance that
protects against claims above and beyond the amount covered
by their primary policies or for claims not currently
covered.
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Inland Marine
Coverage against loss of or damage to
cargo over waterways, land and air.
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Database Coverage
Provides coverage for the loss of your
client's or employee's personal and private information.
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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.
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