Auctioneer
Products
What Risks Do Auctioneers Face and Where is the Coverage?
| Coverages |
Policies |
| Slips and falls |
General Liability Policy |
| Vase on the table breaks |
Care, Custody & Control |
| Item is stolen |
Care, Custody & Control |
| Didn't get the price you
predicted |
Professional Liability |
| Hurt while operating
equipment |
General Liability Policy |
| Misrepresented the item |
Professional Liability |
| Litigation (you get sued) |
Professional Liability |
| Data / credit card security |
Database Breach Policy |
| Building is damaged |
Property Policy |
Where Is Your Coverage?
Without These Policies, It's Out of Your Pocket
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.
| Coverage |
NO
MEMBERSHIP
in a state auctioneers association |
Membership in a state auctioneers association
WITHOUT registration and/or licensing with their state and following the occupational
code voluntary registration programs |
Membership in a state auctioneers association WITH
registration and/or licensing with their state and following the occupational code voluntary registration
programs |
|
Basic Premium |
1)
$2,275 Annual MP |
1) $1,750 Annual MP |
1) $1,500 Annual MP |
|
Gross Revenue is AUDITABLE |
Audit Rate: $15.158 per $1,000 of gross revenues |
Audit Rate: $11.66 per $1,000 of gross revenues |
Audit Rate: $10.00 per $1,000 of gross revenues |
|
EITHER E & O or CCC Endorsement |
Option
2) $2,730 Annual MP |
Option
2) $2,100 Annual MP
|
Option
2) $1,785 Annual MP
|
|
Gross Revenue is AUDITABLE |
Audit Rate: $18.20 per $1,000 of gross revenues |
Audit Rate: $14.00 per $1,000 of gross revenues |
Audit Rate: $11.90 per $1,000 of gross revenues |
| BOTH
E & O and CCC Endorsement |
Option
3) $3,185 Annual MP |
Option
3) $2,450 Annual MP |
Option
3) $2,070 Annual MP |
|
Gross Revenue is AUDITABLE |
Audit Rate: $21.23 per $1,000 of gross revenues |
Audit Rate: $16.33 per $1,000 of gross revenues |
Audit Rate: $13.80 per $1,000 of gross revenues |
General Liability with optional
Professional Liability (E&O) 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 — TRIA (if accepted): POLICY PREMIUM IS SUBJECT TO APPROPRIATE STATE SURPLUS LINES TAX — (MI SL Tax is 2.5%) plus $150 filing fee in
addition to the premium.
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 of your local state association and agree
to
comply with occupational code.
|
Identity Theft