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 |
Professional Liability Policy |
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Hurt while operating equipment |
General Liability Policy |
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Misrepresented the item |
Professional Liability Policy |
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Litigation (you get sued) |
Professional Liability 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 a program specifically designed to cover the risks and exposures of auctioneers. This
program is endorsed by and created with the help of the Michigan State Auctioneers Association. We started with the
base policy of a general liability product and add-on endorsements for professional liability (E&O) and Care, Custody,
and Control. 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.
General Liability Policy with optional Professional Liability Policy (Errors and Omissions)
and Care, Custody and Control
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
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Professional Liability
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Care, Custody, Control
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Property Coverage
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Auto / Hired non-owned
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Electronic Data Processing
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Umbrella
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Inland Marine
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Database Coverage
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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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