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Home My WebLink AboutFY23-24 Real Property Appraisal (Real Estate Appraisal), Hussey Appraisal Group Hawaii, Inc.IT r-.c JUN�2 9 2023 HUSSEY APPRAISAL GR FKA, LAWRFNCF. APPRAISAL GROUP HAWAII, INC. 17 FURNF.AUX LN, STF.. 204 HILO, H196720 TEL. (808) 935-6081 FAX (808)93S•6147 EMAIL: ORDER@11[ISSEV GROUPI]A WAI].COM June 29, 2023 County of Hawaii Department of Finance 25 Aupuni Street, Suite 2103 Hilo, HI 96720 Attention: Ms. Deanna Sako, Director of Finance Re: Submission of Professional Qualifications to Provide Professional Services to the County of Hawaii for Fiscal Year 2023-2024. Dear Ms. Sako, Please find attached the information requested for Hussey Appraisal Group Hawaii, Inc. to provide professional services to the County of Hawaii for fiscal year 2023-2024. Hussey Appraisal Group Hawaii, Inc., formerly known as Lawrence Appraisal Group Hawaii, Inc. was founded by Mr. Robert Lawrence, Jr. SRPA, SRA and Mr. Stewart Hussey in 1989. Mr. Lawrence, who formerly headed an appraisal firm in San Diego partnered with successful businessman Mr. Hussey to create Lawrence Appraisal Group Hawaii, Inc. Mr. Hussey subsequently bought out Mr. Lawrence and renamed the company with its current name. The firm is located in Hilo in East Hawaii and currently employs two appraisers. Professional qualifications held by our appraisers include: Member of the Appraisal Institute (MAI), State of Hawaii Certified General Appraiser and State of Hawaii Certified Residential Appraiser. Recently, Mr. Hussey passed away and the company is currently owned by his wife, Ms. Alessandra Hussey. Ms. Laura Baurin is the Chief Commercial Appraiser for the company and Ms. Marta Caproni is the Chief Residential Appraiser. We also have a single employee, who is our Office Manager. Hussey Appraisal Group has been in business for over 30 years. Our experience includes appraising a wide variety of commercial/industrial, residential and agricultural properties. We have completed numerous assignments involving acquisitions of easements, proposed right-of-ways and reservoir site. Attached is a list of recent projects and clients contact information. June 29, 2023 Page 2 Please let me know if you have any questions or need any additional information. Sincerely, (� - --- 1. Laura Baurin, MAI, Vice President Certified General Appraiser #798 Adne 29, 2023 Page 3 List of Relevant Projects and Clients Appraisals of Proposed Right -of -Ways on Pulima Drive, Hilo, HI. Client: Department of Finance —County of Hawaii, 808-961-8567. Year Completed: 2022. Appraisal of Existing Pipeline and Tank Easement on W. Kawailani Street, Hilo, HI. Client: Department of Finance —County of Hawaii, 808-961-8567. Year Completed: 2022. Appraisal of a Reservoir Site. Client: Department of Water Supply —County of Hawaii, 808-961-8790. Year Completed: 2022. Appraisal of Papaikou Landing. Client: Ms. Charlene Prickett, 808-854-1609. Year Completed: 2021. Appraisal of Diminution of Market Value from Missed Access Easement. Client: First American Title Insurance c/o Mr. Sakae S. Sakai, Claims Counsel. Year Completed: 2021. Appraisal of Large Oceanfront Acreage in connection with County of Hawaii's Acquisition for Open Space and Preservation Purposes. Client: County of Hawaii Finance Department, 808-895-3569. Year Completed: 2020. Appraisal of Impact on a Residential Property from a Proposed Cell Tower. Client: Ms. Danette Martin, Consultant to General Dynamics and Verizon, 808-895-3569. Year Completed: 2018. Appraisal of a 9.933-Acre Vacant Land Parcel in the CV, Village Commercial District. Client: Mr. Aaron J. Young, Vice President and Chief Appraiser for First Hawaiian Bank, 808-525-8715. Year Completed: 2017. Appraisal of the Pi'ihonua-Kukuau Reservoir and Transmission Improvements --Several Easements Appraisals. Client: Mr. Keith K. Okamoto, P.E., Manager -Chief Engineer with the Department of Water Supply, County of Hawaii. 808-961-8070 . Year Completed: 2017. Appraisal of a 42.50-acre Parcel Improved with a Macadamia Nut Orchard for the Proposed Pahala Wastewater Treatment Plant. Client: Mr. Darryl H. Inaba with the County of Hawaii Finance Department, 808- 961-8567. Year Completed: 2017. June 29, 2022 Page 4 Appraisal of a 215.35- acre Vacant Parcel in Kapoho. Client: Ms. Maxine Cutler with the County of Hawaii, 808-961-8069. Year Completed: 2017. Appraisal of a Road Widening Strip in Newer Hilo Subdivision. Client: Developer: Mr. Vernon B. Inouye, 808-987-2605. Year Completed: 2017. Appraisal of a 97-Unit Apartment Building. Client: Ms. Alyce Arata, 808-990-0706. Year Completed: 2017. Appraisal of a Large Industrial Property. Client, Mr. Roy K. Nakamoto with Nakamoto, Okamoto and Yamamoto --Attorneys at Law, 808-961-0641. Year Completed: 2018. Appraisal of Mixed -Use Retail, Warehouse and Residential Property. Client: Mr. Darryl K. Turner, Napa Hawaii, 808-937-7407. Year Completed: 2018. Appraisal of Access Easement. Client, Ms. Catherine H. Carlson, 808-938-2347. Year Completed: 2016. Appraisal of Proposed Conservation Easement. Client: Ms. Janet R. Britt, Acquisition Specialist Hawaii Island Director of Hawaiian Island Land Trust, 808-769-4343. Year Completed: 2016. CGA.798 LAURA BAURIN 2402 CUTTING STREET WALNUT CREEK, CA 94596 CERTIFIED GENERAL APPRAISER NO TIC E THIS POCKET ID CARD IDENTIFIES YOU TO THE PUBLIC AS BEING CURRENTLY LICENSED AND SHOULD BE KEPT IN YOUR POSSESSION AT ALL TIMES. I ICMA�lN�m6�r ExpY■■n Mh � ❑■ CGMT99 1TIJ1RO9J 1 CERTWIED GENERAL. APPRAMER O ■ UWRA BAURNL 2492 CUTTING STREET WALNUT CREEK CA94MG ca—. SIGNATURE OF II;ENSM 17 Furneaux Ln, ##204 Hilo, HI 96720 Phone: (809) 935-6081 Fax: (808) 935-6147 Email:laura(cy husseygrouphawaii.com Laura Baurin, MAI Education Qualifying Appraisal Education: Appraisal Principles —Appraisal Institute (June 2000). Appraisal Procedures Appraisal Institute (July 2000). Basic Income —Appraisal Institute (July 2000). National USPAP-15 hours —Appraisal Institute (July 2000). General Applications —Appraisal Institute (July 2005). Advanced Sales Comparison & Cost Approaches ---Appraisal Institute (September 2007). Advanced Applications Appraisal Institute (September 2007). General Market Analysis and Highest and Best Use (June 2008). Writing the Narrative Appraisal Report —Appraisal Institute (November 2008). Advanced Income Capitalization Appraisal Institute (February 2009). Business Practices and Ethics —Appraisal Institute (May 2009). Continuing Education: USPAP (7-Hour Update) —Appraisal Institute & McKissock- - Annual update. General Demonstration Report Writing —Appraisal Institute (February 2012). How to Analyze & Value Income Properties McKissock (December 2013). The Income Approach McKissock (December 2013). Advanced Income Capitalization —Appraisal Institute (October 2015). Real Estate Finance Statistics and Valuation Modeling —Appraisal Institute (December 2017). Eminent Domain and Condemnation —Appraisal Institute (December 2017). Advanced Hotel Appraising Full Service Hotels McKissock (December 2019). Basic Hotel Appraising Limited Service Hotels McKissock (December 2019). The Basics of Expert Witness for Commercial Appraisers—McKissock (December 2019). International Equivalency Course: General —Appraisal Institute (November 2021). Forecasting Revenue-- Appraisal Institute (December 2021). Excel Applications for Valuation —Appraisal Institute (December 202l). Business Practices and Ethics Appraisal Institute (December 202l). Laws and Regulations of California Appraisers—Mckissock (December 2022) Undergraduate Studies: 1995-1999 Principia College Elsah, IL - B.A., Major in Political Science and Minor in Russian Studies. - Graduated with Highest Honors. Professions! Qualifications Member of the Appraisal Institute State of Hawaii Certified General Appraiser, License Number 798. Major Clients Banks: First Hawaiian Bank, Bank of Hawaii, CU Hawaii Federal Credit Union, Pacific Rim Bank, Bank of America, East West Bank, Aloha Pacific Federal Credit Union, CUSO of Hawaii Services LLC, HFS Federal Credit Union, etc. Government Agencies: County of Hawaii --all branches, State of Hawaii Department of Land a Natural Resources —Land Division, State Department of Hawaiian Home Lands, Hawaii Islands Land Trust. Attorneys: Crudele & De Lima Nakamoto, Okamoto & Yamamoto Ralph D. Black Valta A. Cook Developers: EWM Enterprises, L.P. Aloha Green, L.L.C. McCully Works, Inc. Edmund C. Olson C. Brewer & Co. • Appraisal of Impact on a Residential Property from a Proposed Cell List of Specialty Appralisals Tower. Client: Ms. Danette Martin, Consultant to General Dynamics and Verizon, 808-895-3569. Year Completed: 2018. • Appraisal of a 9.933-Acre Vacant Land Parcel in the CV, Village Commercial District for Proposed Shopping Center. Client: Mr. Aaron J. Young, Vice President and Chief Appraiser for First Hawaiian Bank, 808-525-8715. Year Completed: 2017. • Appraisal of the Pi'ihonua-Kukuau Reservoir and Transmission Improvements -.—Several Easements Appraisals. Client: Mr. Keith K. Okamoto, P.E-, Manager -Chief Engineer with the Department of Water Supply, County of Hawaii. 808-961-8070. Year Completed: 2017. • Appraisal of a 42.50-acre Parcel Improved with a Macadamia Nut Orchard for the Proposed Pahala Wastewater Treatment Plant. Client: Mr. Darryl H. Inaba with the County of Hawaii Finance Department, 808- 961-8567. Year Completed: 2017. • Appraisal of a Road Widening Strip in Newer Hilo Subdivision. Client: Developer: Mr. Vernon B. Inouye, 808-987-2605. Year Completed: 2017. • Appraisal of a Large Industrial Property. Client, Mr. Roy K. Nakamoto with Nakamoto, Okamoto and Yamamoto —Attorneys at Law, 808-961- 0641. Year Completed: 2018. ■ Appraisal of Access Easement. Client, Ms. Catherine H. Carlson, 808- 938-2347. Year Completed: 2016. • Appraisal of Proposed Conservation Easement. Client: Ms. Janet R. Britt, Acquisition Specialist Hawaii Island Director of Hawaiian Island Land Trust, 808-769-4343. Year Completed: 2016. -2- Work Experience 2003--- Present Hussey Appraisal Group Hawaii, Inc. Hilo, HI Title: Vice President Supervise and train appraiser apprentices associated with Hussey Appraisal Group, Hawaii Inc. Manage day-to-day company operations. - General appraisal and consultation experience. - Market rent studies. - Appraisals have been made of the following types of properties: Single-family, multi -family, raw acreage, industrial, retail, office, mixed -use, apartments, subdivisions. Additionally, special purpose appraisals: easements, remnants, encroachments, eminent domain, etc. - Appraisals have been made of the following interests: fee simple, leased fee, leasehold, fractional interests. - Arbitration experience in connection with ground lease renegotiations. - Market area serviced: Hawaii County 2001-2004 The Arens Group, Inc. San Diego, CA Title: Fee Appraiser Supervised and trained appraiser apprentices. - General appraisal and consultation experience. - Appraisals have been made of the following types of properties: Single-family, multi -family, raw acreage, industrial, retail, office, mixed -use, apartments, subdivisions. Additionally, special purpose appraisals: missed easements, remnants, blocked views, encroachments, eminent domain, etc. - Appraisals have been made of the following interests: fee simple, leased fee, fractional interests. - Market area serviced: San Diego County. -3- GREATAMERICAN. INSURANCE GROUP 301 E. Fourth Street, Cincinnati, OH 45202 DECLARATIONS for REAL ESTATE APPRAISERS ERRORS & OMISSIONS INSURANCE POLICY THIS IS BOTH A CLAIMS MADE AND REPORTED INSURANCE POLICY. THIS POLICY APPLIES TO THOSE CLAIMS THAT ARE FIRST MADE AGAINST THE INSURED AND REPORTED IN WRITING TO THE COMPANY DURING THE POLICY PERIOD, Insurance is afforded by the company indicated below: (A capital stock corporation) El Great American Assurance Company Note: The Insurance Company selected above shall herein be referred to as the Company. Policy Number: RAP3665555-23 Renewal of: RAP3665555-22 Program Administrator: Herbert H. Landy Insuivince Agency Inc. 100 River Ridge Drive, Suite 301 Norwood, MA 02062 Item I. Named Insured: Laura Baudn Item 2. Address: 17 Ftuneaux Ln, Ste 204 City, State, Zip Code: Hilo, H] 96720 Item 3. Policy Period: From 05/08/2023 To 05/08/2024 (Month. Dar', Year) OvIonth. Dar Yeterl (Both dates at 12:01 a.m. Standard Time at the address of -the Named Insured as stated in Item 2.) Item 4. Limits of Liability: A. S 1,000,000 Damages Limit of Li>ihility Each Claim B, S 1,000,000 Claim Expenses Limit of Liability Each Claim C, S 2,000,000 Damages Limit of Liability Policy Aggregate D. S 2,000,000 Claim Expenses Limit of Liability Policy Aggregate Item'. Deductible (Inclusive of Claim Expenses): A. S 500 Each Claim B. S 1,000 A&gregate Item 6. Premium: S 917.00 Item ?. Retroactive Date (i I- applicable) : 05/08/2010 Item R. Forms, Notices and Endorsements attached: D42100 (03115) D42300 HI (05113) IL7324 (07/21) D42402 (05113) D42408 (05/13) D42412 (03/17) D42413 (06/17) D42414 (08/19) Authorized Representative CKK-)IOt 103:15) Pale I oft Real Estate Appraisers Errors & Omissions Insurance Policy GREATAMERICAN INSURANCE GROUP ADDITIONAL INSURED ENDORSEMENT In consideration of the premium charged, it is agreed the person or entity designated below is insured under this Policy solely for vicarious liability arising from Appraisal Services performed by the Named Insured. Nothing contained in this endorsement will serve to increase the Company's limit of liability. Name of person or entity: Hussey Appraisal Group, Hawaii Inc. Hussey Appraisal Group Hawaii, Inc. Other than as stated above, nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of the Policy to which this endorsement is attached. Insured: Laura Bautin BAUL81-4 Policy Period: 05/08/2023 - 05/08/2024 Policy Slumber. RAP3665555-23 Endorsement Effective Date: 05/08/2023 Endorsement- I D42402 (05.13) Page I of I Real Estate Appraisers GREATErrors & Omissions Insurance Policy AMERICAN INSURANCE GROUP RETIREMENT EXTENDED REPORTING PERIOD AMENDMENT ENDORSEMENT In consideration of the premium charged, Section Vill. Extended Reporting Periods, paragraph D. Retirement Extended Reporting Period, subparagraph (1) is deleted and replaced with the following: (1) If after the Named Insured reaches the age of 65, and having been continuously insured by the Company or another insurer through The Realtors Insurance Purchasing Group Association on a claims -made basis for a minimum of five (5) years, the Named Insured retires during the Policy Period, an unlimited Extended Reporting Period will be granted at no additional premium; or Other than as stated above, nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of the Policy to which this endorsement is attached. Insured: Laura Baurin BAUL814 Policy Period: 05/08/2023 - 05/08/2024 Policy Number: RAP3665555-23 Endorsement Effective Date: 05/08/2023 Endorsement: 2 D 42408 (05.13) Page I of Real Estate Appraisers Errors & Omissions Insurance Policy GREATAMERICAN. INSURANCE GROUP CONTINGENT BODILY INJURY/PROPERTY DAMAGE COVERAGE ENDORSEMENT In consideration of the premium charged. it is agreed that the lollowing changes are made to the Policx: Section III. Lxclusions. paragraph B. is deleted and replaced "ith the following: B. based on or arising out of Bodily Injury or Property Damage unless the Claim results solcl} IFom an act or omission committed by the Named Insured in the performance of Appraisal Services pro% ided that: (1) such act or omission was a proximate cause of the Bodily Injury or Property Damage: and (2) there is no other policy that is applicable to such Claim, Section Ill. Exclusions is amended to include the follo%%ina: based on or arising out of the o%Nnership. maintenance. operation, use. entrustment to others. loading. or unloading ofam motor wehicie. aircraft or %�atercralt. operated by, rented or loaned to the Named Insured: based on or arising out ol'any act or omission for which the Named Insured could be held liable under any workers compensation. uncmploy ment compensation or disability benefits .aw or under any similar law. based on or arising out of' Bodily Injury to the Named Insured. or am employee, trainee or apprentice of the Named Insured, or to any obligation of the Named Insured to indcmnifj or contribute v-ith another employer because of Damages arising out of such iniury. Section IV. Limits of Liability is amended to include the tollo%\ing: Limit of Liability — Bodily Injury or Property Damage Claims The Company's liability for all Damages and Claim Expenses feom all Bodily Injury or Property Damage Claims first made and reported in writing to the Company during the Policy Period wil. not exceed S100,000. which sum is within and not in addition to the Damages or Claim Expenses Limit of Liability Policy Aggregate stated in the Declarations. Other than as stated above. nothing herein contained shall be held to war}, alter, wai%a or extend any of the terms. conditions, pro%isions. agreements or limitations of the Polic} to which this endorsement is attached. Insured: Laura Baurin Policy Period: 05/08/2023 - 05/08/2024 Policy Number - Endorsement Effective Date: 05/08/2023 Endorsement: BAUL.81. 4 RAP3665555-23 D 42412 (03/17) Page I of l Real Estate Appraisers Errors & Omissions Insurance Policy GREATAMERICAN INSURANCE GROUP APPRAISERS DRONE + BODILY INJURY/PROPERTY DAMAGE COVERAGE ENDORSEMENT In consideration of the premium charged. it :s agreed that the following changes are made to the Policy: Section 1. Insuring Agreement. is deleted and replaced ►►ith the following: Section I. Insuring Agreement The Company will pa% on behalrof the Named Insured all sums in excess of the deductible that the Named Insured becomes legalh obl=gated to paN as Damages and Claim Expenses as a result of a Claim first made against the Named Insured and reported in writing to the Company during the Policy Period or Extended Reporting Period b) reason of an act or omission. including Personal Injury, in the performance of Appraisal Services b,% the Named Insured. including an% Drone Claims. pro► ided that: A. no such act or omission. or Related Act or Omission. was committed prior to the Retroactive Date: and B. prior to the inception date of the first policy issued b� the Company. and continuousi) rene►►ed. the Named Insured had no basis to believe that any such act or omission. or Related Act or Omission, might reasonably be expected to be the basis of a Claim. The Company has the right and duty to defend an% Claim against the Named Insured C%en irany orthe allegations of the Claim are groundless. false or fraudulent. Defense counsel ma} be designated by the Company or. at the Company's option. by the Named Insured ►►ith the Company's written consent and subject to the Company's guidelines. Section II. Definitions. is amended to include the lollo►►ing: "Drone" means a multiple rotary ►►ing small t'nmanned Aircratl. (st'A) as othen►ise defined in Title 14 of the Code or federal Regulation, (14 CFR) part 107. or any future ►ersion of the Code or amendment thereto. "Drone Claims" means an} Claim arising out of the operation of a Drone for the sole purpose of photography or aideography on behalf of the Named Insured. pro►ided that such Drone operation is in compliance %with all legal requirements of the applicable jurisdiction as well as Htle 14 of the Code of Federal Regulations (14 CPR} pan 107. or any future ►ersion ofthe Code or amendment thereto. Insured: Lava Baurin BAUL81-4 Policy Period: 05/08/2023 - 05/08/2024 Policy Number, RAP3665555-23 Endorsement Effective Date: 05/08/2023 Endorsement. 4 D 42413 (06;1') Page I of'2 Real Estate Appraisers Errors & Omissions Insurance Policy GREATAME'RICAN INSURANCE GROUP APPRAISERS DRONE + BODILY INJURY/PROPERTY DAMAGE COVERAGE ENDORSEMENT Section Ill. Exclusions. paragraph B, is deleted and replaced with the fol'.o+King: B. based on or arising out of Bodily Injury or Property Damage. except that this exclusion does not apply to Drone Claims: Section Ill. Exclusions is amended to include the folio" ing: based on or arising out of am Claims in which the Named Insured could be held liable under an} X%orkers compensation, unemploy ment compensation or disability benefits la%+ or under any simi lar la%%: based on or arising out of Bodily Injury to the Named Insured. or am employee. trainee or apprentice of the Named Insured, or to am obligation of the Named Insured to indemnify or contrih,ne with another employer because of Damages arising out of such iniury. Section IV. I.imits of I .iability is amended to include the follok%ing: Limit of Liability — Drone Claims the Company's liability for all Damages and Claim Expenses from all Drone Claims first made and reported in %%riting to the Company during the Policy Period %N ill not exceed $25,000. %%hich sum is %%ithin and not in addition to the Damages or Claim Expenses Limit of Liability Policy Aggregate stated in the Declarations. Section V. Deductible is amended to include the Ibllowing: Not%�ithstanding the deductible amount stated in Item 5. in the Declaration, the Named Insured's deductible obligation for each Drone Claim is $I.000 and applies to the payment of Damages and Claim Expenses. the deductible wil I be paid by the Named Insured before the Company has any obligation under this Policy to pay any Damages or Claim Expenses as to am Drone Claim. The limits of liability are in addition to. and in excess of. the deductible. It is further agreed that the Policy is amended where indicated by a 0 bcio+%: 13 fhis Folic) excludes from cokerage any Drone Claims arising out of ser% ices that were performed prior to or after Other than as stated aboN e, nothing herein contained shall be held to van. alter. %%ai%e or extend am of the terms, conditions. proN isions, agreements or limitations of the Policy to which this endorsement is attached. D 424l3 (06,17) Endorsement: Page 2 of 2 Real Estate Appraisers Errors & Omissions Insurance Policy GREATAmERICAN INSURANCE GROUP REAL ESTATE APPRAISER TRAINEE COVERAGE ENDORSEMENT In consideration of the premium charged. it is agreed that the following changes are made to the Polic) : Section 11. Delinitions. paragraph A. Appraisal Sen ices is deleted and replaced the follow ing: A. "Appraisal Services" means ser%ices performed for others b) the Named Insured in the capacit% as a properl) licensed or certified appraiser of real estate. notary public. or a member of a real estate accreditation. standards re►.ie%% or similar real estate boa-d or committee. Appraisal Services does not include the subcontracting to. assignment to or rclerral of am portion of an) contract. project or engagement b) the Named Insured; proNided. howexer. Appraisal Services does include the direct super%ision and direction of un Appraiser Trainee subiect to the I imit of Liability and deductible amounts set forth below. Section 11. Definitions. is amended to include the fdlowing: "Appraiser Trainee" means anyone who is not a certified or licensed appraiser and who acts under the direct super3 ision and direction of the Named Insured for the purposes of assisting the Named Insured in the collection of data and preparation of appraisals on properties that the Named Insured is licensed or certified to appraise. --Appraiser Trainee Claims" means am Claim made against an Appraiser Trainee and reported in writing to the Company during the Policy Period arising out of ser%ices performed b) the Appraiser Trainee for the Named Insured ir. assisting the Named Insured in the performance of' Appraisal Services. Section IV. Limits ofl.iabilit) is amended to include the following: Limit of Liability — Appraiser Trainee Claims The Company's liability for all Damages and Claim Expenses from all Appraiser Trainee Claims first made and reported in writing to the Company during the Policy Period will not exceed S 25,000 which sum is within and not :n addition to the Damages or Claim Expenses Limit of Liahilit} Policy Aggregate stated in the Declarations. Insured: Laws Baurin BAUL81-4 Polic} Period: 05/08/2023 - 05/08/2024 Policy Number: RAP3665555-23 Endorsement F11ective Date. 05/08/2023 h.ndorsement 5 D42d14 (0849) Page I oft Real Estate Appraisers Errors & Omissions Insurance Policy GREATAMERICAN INSURANCE GROUP REAL ESTATE APPRAISER TRAINEE COVERAGE ENDORSEMENT Section V. Deductible is amended to include the fbllo"ing: Notwithstanding the deductible amount stated in Item 5. in the Declaration. the Named Insured's deductible obligation ror each Appraiser Trainee Claim is S 1,000 and applies to the pay ment of Damages and Claim Expenses. The deductible %0l be paid by the Named Insured before the Company has any obligation under this Po -icy to pay any Damages or Claim Expenses as to am Appraiser Trainee Claim. The limits of liability are in addition to, and in excess of. the deductible. It is further agreed that the Policy is amended %%here indicated by a ® below ® This Policy excludes from co4erage any Appraiser Trainee Claim -,arising out ofser%ices that %%ere performed prior to 05/08/2020 Other than as stated abme, nothing herein contained shall be held to %ary. alter. %%ake or extend any of the terms. conditions. proti isions. agreements or limitations of the Policy to which this endorsement is attached. D 42414 (08r19) Endorsement: Page 2 of IL 73 24 (Ed. 07121) THIS ENDORSEMENT CHANGES YOUR POLICY. PLEASE READ IT CAREFULLY. GLOBAL SANCTION ENDORSEMENT Notwithstanding any other provision of this Policy, this insurance cannot provide coverage and the Insurer shall not be liable to pay any claim or provide any benefit under this Policy to the extent that the provision of such coverage or benefit, or the payment of such claim, would violate, conflict with, or expose the Insurer to any sanction, prohibition or restriction under United Nations resolutions or any applicable economic or financial sanctions or other trade laws or regulations, including, but not limited to, of the United States of America, European Union, United Kingdom, or Canada. IL 73 24 (Ed. 07121) (Page 1 of 1) Real Estate Appraisers Errors & Omissions Insurance Policy GREATAmERIcAx INSURANCE GROUP HAWAII AMENDATORY ENDORSEMENT In accordance with the requirements of the state of Hawaii, the following changes are made to the Policy: Section Vill. Extended Reporting Periods, paragraph E. Extended Reporting Period Limits of Liability, is deleted in its entirety, and is replaced by the following: E. Extended Reporting Period Limits of Liability (1) The Damages limit of liability and Claim Expenses limit of liability of the Company for all Claims reported during the automatic Extended Reporting Period, the death or disability Extended Reporting Period or the retirement Extended Reporting Period shall be the remaining amount, if any, of the Damages limit of liability and Claim Expenses limit of liability, respectively, at the end of the Policy Period. (2) The Damages limit of liability and Claim Expenses limit of liability of the Company for all Claims reported during the optional Extended Reporting Period will be equal to the amount stated in the Declarations, but only for Claims first received and reported during the optional Extended Reporting Period. Section X. General Conditions, paragraph G. Cancellation/Nonrenewal is deleted and replaced with the following: G. Cancellation/Nonrenewal (1) The Company may cancel this Policy prior to the expiration of the agreed term, or one year from the effective date of the Policy or renewal, whichever is less, only for one or more of the following reasons: (a) failure to pay a premium when due; (b) fraud or material misrepresentations; (c) the risk hazard increases substantially and the Company could not have reasonably foreseen the change when entering into the contract; (d) substantial breaches of contractual duties, conditions, or warranties; (e) violation of any local fire, health or safety statute or ordinance; Insured: Policy Period: Policy Number: Endorsement Effective Date: Endorsement: D42300 HI (05 `I3) Page l of 2 Real Estate Appraisers Errors & Omissions Insurance Policy GREATAmERICAN, INSURANCE GROUP HA'WAII AMENDATORY ENDORSEMENT (f) conviction of the Named Insured for a crime having as one of its necessary elements an act increasing any hazard that is insured against; (g) the Insurance Commissioner determines that the continuation of the Policy places the Company in violation of Chapter 431; or (h) for any good faith reason with the approval of the Commissioner. (2) Cancellation shall become effective 30 days after the Company delivers written notice of cancellation to the Named Insured. Any notice of cancellation will be mailed or delivered to the Named Insured's last mailing address known to the Company. If notice is mailed, proof of mailing will be sufficient proof of notice. (3) This Policy of insurance may be cancelled by the Named Insured by surrender thereof to the Company or by mailing to the Company written notice stating when thereafter the cancellation shall be effective. If the Named Insured cancels this insurance, earned premium shall be computed in accordance with the customary short rate table and procedure. If the Company cancels this insurance, earned premium shall be computed pro rats. Premium adjustment may be made either at the time cancellation is effected or as soon as practicable after cancellation becomes effective, but payment or tender of unearned premium is not a condition of cancellation. (4) If the Company decides not to renew this Policy, the Company will mail or deliver to the Named Insured written notice of nonrenewal, stating the reasons for nonrenewal, at least 45 days prior to the expiration of this Policy. Any notice of nonrenewal will be mailed or delivered to the Named Insured's last mailing address known to the Company. If notice is mailed, proof of mailing will be sufficient proof of notice. Other than as stated above, nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of the Policy to which this endorsement is attached. D42300 HI (05,:13) Page 2 of 2 GREATAMElacAN INSURANCE GROUP Great American Assurance Company Real Estate Appraisers Errors & Omissions Insurance Policy D42100 (03-15) Real Estate Appraisers Errors & Omissions Insurance Policy Great Arnerican Assurance Company — Professional Liability Division_ Past Office Box 1178, Cincinnati, OR 43201 'rabic of Contents I. Insuring Agreement ....................................................................................................Page 1 II. ..............................._.......,................................-.......................__._Page 1 III. Exclusions...... ................................ ................................................... .Page 4 IV. Limits of Liability.. . . . . . . . . . . . ...................................... ...... .......................... - ............ Page 6 V. Deductible...................................................................................................................Page 7 V1. Supplementary Payments.........................................................................................Page 7 VII. Defense and Settlement..........................................................................................Page 8 Vill, Extended Reporting Periods .......................................................................................Page 9 IX. Notice of Clairn ........................................................................................... ............Page 10 X. General Conditions ............................................................................... Page 11 A. B. C. D. E. F. I, J. K_ L. M N. o. P. Assistance and Cooperation .................. I .... ,,.......,,.......... I ............................. page 11 Action against the Company .........................................................................Page 1 l Bankruptcy..................................................................................... .............Page 12 Other insurance.............................................................................................Page 1 sutx'ogadon............................................................. ....... __ ........................... Page 12 Changes.......................... .. ......................................................................Page 12 CancellationlNonrenewal .....................................................................€ age 1 Temtory................................................................................... ...............Page 13 Entire Contract.....- ............................................... ....... ........................... ...-Page 13 1otices..........................................................................................................Page 13 Assignment...................................................................................................Page 13 Liberalization.............................. „ .................................................,......,.Page 13 Fxamination of lti arced Insured's Books and Records .................................Page 14 Reimbut`Semnt.............................................................................................Page 14 Conformityto Law.......................................................................................Page 14 Representative of the Company ....................................................................Page 14 D42100 (03115) GREAT AMERICAN INSURANCE GROUPO Headquarters: 301 E. Fourth Street, Cincinnati, Ohio 45202 THIS IS A CLAIMS MADE POLICY. PLEASE READ THE ENTIRE POLICY CAREFULLY. In consideration of the payment of the premium and in reliance upon all statements made and information furnished to the insurance company identified in the Declarasions (a stock insurance company, hereinafter called the Company), and subject to all terms, conditions, and limitations of the Policy, the Named Insured and the Company agree as follows. Section 1. Insuring Agreement The Company will pay on behalf of the Named Insured all sums in excess of the deductible that the Named insured becomes legally obligated to pay as Damages and Claim Expenses as a result of a Claim first made against the Named Insured and reported in writing to the Company during the Policy Period or Extended Reporting Period by reason of an act or omission, including Personal Injury, in the performance of Appraisal Services by the Named Insured, provided that: A. no such act or omission, or Related Act or Omission, was committed prior to the Retroactive Date; and B. prior to the inception date of the first policy issued by the Company, and continuously renewed, the Named Insured had no basis to believe that any such act or omission, or Related Act or Omission, might reasonably be expected to be the basis of a Claim. The Company has the right and duty to defend any Claim against the Named Insured even if any of the allegations of the Claim are groundless, false or fraudulent. Defense counsel may be designated by the Company or, at the Company's option, by the Named Insured with the Company's written consent and subject to the Company's guidelines. Section II. Definitions A. "Appraisal Services" means services performed for others by the Named Insured in the capacity as a properly licensed or certified appraiser of real estate, notary public, or a member of a real estate accreditation, standards review or similar real estate board or committee; provided, however, Appraisal Services does not include the supervision of, subcontracting to, assignment to or referral of any portion of any contract, project or engagement by the Named Insured. B. "Bodily Injury" means physical injury, sickness or disease sustained by any person including death resulting from any of these at any time. Bodily Injury also means mental illness, mental anguish, emotional distress, pain, suffering, or shock sustained by any person, whether or not resulting from physical injury, sickness, disease or death of such person. C. "Claim" means: (1) a written demand for money or services received by the Named Insured; or (2) a civil proceeding in a court of law, or arbitration proceeding, against the Named Insured, commenced by the service of summons or receipt of an arbitration demand; arising out of an act or omission in the performance of Appraisal Services. D42100 (03 `l 5) D. "Claim Expenses" means: (l) fees and costs charged by attorneys designated by the Company or designated by the Named Insured with the Company's prior written consent; (2) all other reasonable and necessary fees, costs and expenses resulting from the investigation, adjustment, negotiation, arbitration, mediation, defense or appeal of a Claim, if incurred by the Company or by the Named Insured with the Company's prior written consent; and (3) premiums on appeal bonds, attachment bonds or similar bonds; provided, however, the Company is not obligated to apply for or furnish any such bond. Claim Expenses do not include fees, costs or expenses of employees or officers of the Company, or salaries, loss of earnings or other remuneration by or to the Named Insured. E. "Company" means the insurance company identified in the Declarations. F. "Damages" means any monetary judgment or award which the Named Insured is legally obligated to pay, including punitive or exemplary damages where insurable by law, and pre judgment and post judgment interest. Damages also means a monetary settlement to which the Company agrees on the Named Insured's behalf. However, Damages do not include: (1) the return, restitution, reduction, compromise or refund of fees, commissions, expenses or costs for Appraisal Services performed, or to be performed, by the Named Insured and injuries that are a consequence of any fees, commissions, expenses or costs charged by the Named Insured; (2) fines, penalties, forfeitures or sanctions; (3) the multiplied portion of any multiplied awards; (4) the cost of compliance with any order for, grant of, or agreement to provide non -monetary relief, including services or injunctive relief; or (5) any amounts uninsurable as a matter of law or public policy. G. "Disciplinary Action" means a proceeding before any state licensing board, local real estate board or other governmental body regulating professional conduct, alleging misconduct in providing Appraisal Services; provided, however, Disciplinary Action does not include any criminal charges. H. "Discrimination Claims" means any Claim arising out of Appraisal Services rendered on behalf of the Named Insured, alleging discrimination on the basis of race, creed, color, age, gender, national origin, religion, disability, mantal status or sexual preference, including any resulting Personal Injury. 1. "Extended Reporting Period" means the period of time after the end of the Policy Period for reporting Claims to the Company that are made against the Named Insured during the applicable Extended Reporting Period by reason of an act or omission, which was committed prior to the end of the Policy Period and on, or subsequent to, the Retroactive Date and is otherwise covered by this Policy. J. "Fungi" means any type or form of fungus, including mold or mildew and any mycotoxins, spores, scents or byproducts produced or released by such fungus. K. "Named Insured" means the person specified in Item 1. in the Declarations. D42100 (03 15) L. "Personal Injury" means injury other than Bodily Injury arising out of one or more of the following offenses, by reason of an act or omission by the Named Insured in the performance of Appraisal Services: (1) false arrest, detention or imprisonment; (2) malicious prosecution; (3) the wrongful eviction from, wrongful entry into, or invasion of the right of private occupancy of a room, dwelling or premises that a person occupies, if such eviction, entry or invasion is by or on behalf of its owner, landlord or lessor; (4) oral or written publication, in any manner, of material that: (a) slanders or libels a person or organization or disparages a person's or organization's goods, products or services; or (b) violates a person's right of privacy; except, in either case, oral or written publication in any manner which arises out of advertising, broadcasting or telecasting activities conducted by, or on behalf of, the Named insured. M. "Policy Period" means the period of time from the effective date stated in Item 3. in the Declarations to the earliest of the date of termination, expiration or cancellation of this Policy. N. "Pollutants" means any solid, liquid, gaseous or thermal irritant or contaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. Waste includes materials to be recycled, reconditioned or reclaimed. Pollutants also include asbestos. O. "Property Damage" means: (1) physical injury to tangible property, including all resulting loss of use of that property; or (2) loss of use of tangible property that is not physically injured. P. "Related Claims" means all Claims arising out of a single act or omission or Related Act or Omission in the performance of Appraisal Services. Q. "Related Act or Omission" means all acts or omissions that are logically or causally connected by any common fact, circumstance, situation, transaction, event, advice or decision. R. "Residential Real Property" means a one to four family dwelling. S. "Retroactive Date" means the date stated in Item 7. in the Declarations. T. "Security Incident" means the unauthorized access to or use of data containing private or confidential information in connection with the performance of Appraisal Services, which results in the violation of any privacy regulation. D42100 (03:15) Section III. Exclusions This Policy does not apply to any Claim: A. based on or arising out of any dishonest, intentionally wrongful, fraudulent, criminal or malicious act or omission by the Named Insured. The Company will provide the Named Insured with a defense of such Claim unless and until a final adjudication or finding of fact against, or admission by, the Named Insured establishes that the Named Insured committed such dishonest, intentionally wrongful, fraudulent, criminal or malicious act or omission. Such defense will not waive any of the Company's rights under this policy. Upon establishing that the Named Insured committed a dishonest, intentionally wrongful, fraudulent, criminal or malicious act or omission, the Company will have the right to seek recovery of any Claim Expenses incurred on behalf of the Named insured; B. based on or arising out of Bodily Injury or Property Damage; C. based on or arising out of discrimination, humiliation, harassment, or misconduct including, but not limited to, Claims based on allegations relating to an individual's race, creed, color, age, gender, national origin, religion, disability, marital status or sexual preference; provided, however, this exclusion does not apply to any Damages or Claims Expenses from Discrimination Claims up to the sub -limit provided pursuant to Section IV. F. of the Policy; D. based on or arising out of the insolvency or bankruptcy of the Named Insured; E. based on or arising out of (1) any disputes involving the Named Insured's fees, commissions or charges; (2) the conversion, misappropriation, commingling or defalcation of funds or other property; (3) the failure to pay or collect premium, escrow or tax money; or (4) the gaining of any personal profit or advantage to which the Named Insured is not legally entitled; based on or arising out of the representation of clients in connection with any securities transaction (either registered or exempt) including, but not limited to, bond or other debt offerings, public stock offerings, property syndication or real estate investment trusts; G. based on or arising out of the actual or attempted purchase of property by the Named Insured or any entity in which the Named Insured has a financial interest; ll. based on or arising out of the actual or attempted appraisal of property by the Named Insured, if on or after the date or time of the act or omission giving rise to such Claim: (1) the Named Insured owned such property in any part; (2) the Named Insured was the developer, builder, real estate broker or salesperson of such property; (3) such Appraisal Services were in exchange for stock, partial ownership or investment in such property; or (4) the Named Insured was employed or subcontracted by a real estate broker or sales person who was a party to any transaction involving the appraised property; D42100 (03.15) I. based on or arising out of actual or attempted purchase of property by, or appraisal of property developed, constructed or owned by: (1) any entity in which the Named Insured has financial interest; (2) any entity which has any financial interest in the Named Insured; or (3) any entity which is under the same financial control as the Named Insured, provided that such financial interest existed at the time of the act or omission giving rise to the Claim; J. based on or arising out of any actual or alleged violation of: (1) The Employee Retirement Income Security Act of 1974; (2) The Securities Act of 1933; (3) The Securities Exchange Act of 1934; or (4) Any state Blue Sky or Securities law; or any rules, regulations or amendments issued in relation to such acts, or similar state or federal statutes or regulations, including any Claim based upon common law principles of liability; K. based on or arising out of any guarantee or promise of future status, performance or valuation in the course of performing Appraisal Services by the Named Insured; L. based on or arising out of. (1) the actual, alleged or threatened emission, discharge, dispersal, seepage, release or escape of Pollutants; (2) any injury, damage, payments, costs or expense incurred as a result of any testing for, monitoring, removal, containment, treatment, detoxification, neutralization or cleanup of Pollutants; or (3) the installation, removal, disposal, handling, use or existence of, exposure to, contact with, or ingestion of lead paint or any substance or matter containing lead paint or the residue of lead paint; M. based on or arising out of the actual, alleged or threatened inhalation of, ingestion of, contact with, exposure to, existence of, or presence of, any Fungi or bacteria on or within a building or structure, including its contents, regardless of whether any other cause, event, material or product contributed concurrently or in any sequence to the injury or damage; or any loss, cost or expenses arising out of the abating, testing for, monitoring, cleaning up, removing, containing, treating, detoxifying, neutralizing, remediating or disposing of, or in any way responding to, or assessing the effects of, Fungi or bacteria, by the Named Insured or by any other person or entity; N. based on or arising out of liability assumed by the Named Insured under any contract or agreement, unless such liability would have attached to the Named Insured even in the absence of such contract or agreement; O. based on arising out of actual or alleged misappropriation of trade secret or infringement of patent, copyright, trademark, trade dress or any other intellectual property right or unauthorized use of confidential, privileged or non-public material or information; D42100 (01-15) P. based on or arising out of the sale of insurance, the failure to advise of the need for, or type of, insurance or failure to effect or maintain adequate levels of insurance; Q. based on or arising out of the alleged notarized certification or acknowledgement by the Named Insured of a signature on any document that the Named Insured did not witness being placed on the document; or R. based on or arising out of the rendering of, or failure to render, Appraisal Services by the Named Insured as an employee, owner, partner, stockholder, director or officer of any business enterprise not named in the Declarations. Section IV. Limits of Liability A. Damages Limit of Liability - Each Claim Subject to paragraph C. below, the Company's liability for all Damages from each Claim first made and reported in writing to the Company during the Policy Period will not exceed the amount stated in Item 4.A. in the Declarations for "Damages Limit of Liability - Each Claim". B. Claim Expenses Limit of Liability - Each Claim Subject to paragraph D, below, the Company's liability for all Claim Expenses from each Claim first made and reported in writing to the Company during the Policy Period will not exceed the amount stated in Item 4.13, in the Declarations for "Claim Expenses Limit of Liability - Each Claim". C. Damages Limit of Liability - Policy Aggregate The Company's liability for all Damages from all Claims first made and reported in writing to the Company during the Policy Period will not exceed the aggregate amount stated in Item 4.C. in the Declarations as the "Damages Limit of Liability - Policy Aggregate". The limits of liability for Damages and Claim Expenses stated in the Declarations are the maximum amounts the Company will pay under this Policy for Damages and Claim Expenses, respectively, regardless of the number of Claims or claimants. D. Claim Expenses Limit of Liability - Policy Aggregate The Company's liability for all Claim Expenses from all Claims first made and reported in writing to the Company during the Policy Period will not exceed the aggregate amount stated in Item 4.D. in the Declarations as the "Claim Expenses Limit of Liability - Policy Aggregate". E. Multiple Policies If this Policy and any other policy issued by the Company provide coverage for the same Claim against the Named Insured, the maximum limit of liability under all the policies combined shall not exceed the highest remaining applicable limit of liability for the Claim under any one policy. F. Limit of Liability Discrimination Claims The Company's liability for all Damages and Claim Expenses from all Discrimination Claims first made and reported in writing to the Company during the Policy Period will not exceed $100,000, which sum is within and not in addition to the Damages or Claim Expenses Limit of Liability Policy Aggregate stated in the Declarations. D42100 (03+15) Section V. Deductible A. Subject to paragraph B. below, the deductible amount stated in Item S.A. in the Declaration is the Named Insured's obligation for each Claim and applies to the payment of Damages and Claim Expenses. The deductible will be paid by the Named Insured before the Company has any obligation under this Policy to pay any Damages or Claim Expenses as to any Claim. The limits of liability are in addition to, and in excess of, the deductible. B. The deductible amount stated in Item S.B. in the Declarations is the Named Insured's maximum deductible obligation for all Claims. C. Related Claims made against the Named Insured and reported in writing to the Company under this Policy or under any renewal of this Policy will be considered a single Claim first made when the earliest of the Related Claims was first made and first reported in writing to the Company. A single deductible and single Each Claim Damages and Claim Expenses limit of liability shall apply to any such single Claim. D. If a Claim is resolved by settlement, with the consent of the Named Insured and the Company, as reflected in a settlement agreement, order, dismissal, or judgment, within one (1) year following the date that the Claim is reported in writing to the Company, the Named Insured will be reimbursed or credited 501110 of the deductible, but not to exceed a maximum reimbursement of $5,000 per Claim and $25,000 for all such Claims during the Policy Period resolved or concluded in accordance with this section of the Policy. Section VI. Supplementary Payments The following supplementary payments are not subject to the deductible and are in addition to the limits of liability. A. Reimbursement for Loss of Earnings The Company will pay up to $500.00 for loss of earnings to the Named Insured for each day, or part of a day, the Named Insured is in attendance, at the Company's request, at a trial, hearing, mediation or arbitration proceeding involving a Claim against the Named Insured. The maximum amount payable, regardless of the number of trials, hearings, mediations or arbitration proceedings, shall be $7,500 per Claim and $25,000 for all Claims during the Policy Period. H. Disciplinary Actions The Company will reimburse the Named Insured for reasonable attorneys' fees, costs and expenses incurred in responding to a Disciplinary Action first received by the Named Insured and reported in writing to the Company during the Policy Period by reason of an act or omission in the performance of Appraisal Services, provided that no act or omission alleged in the Disciplinary Action is the same as, or is a Related Act or Omission with, an act or omission alleged in a Claim made prior to the Retroactive Date or a notice of circumstance or potential claim given to a prior insurer. The maximum amount payable shall be $2,500 per Disciplinary Action and $25,000 for all Disciplinary Actions during the Policy Period, regardless of the number of Disciplinary Actions. The Company shall not be obligated to defend any Disciplinary Action, or pay any fine, penalty or award resulting from any Disciplinary Action. D42100 (03 15) C. Subpoena Expenses The Company will pay expenses incurred while assisting the Named Insured in responding to a subpoena which the Named Insured first receives and reports in writing to the Company during the Policy Period resulting from the performance of Appraisal Services by the Named Insured, provided that the subpoena does not involve a circumstance or situation underlying or alleged in a Claim made prior to the Retroactive Date or a notice of circumstance or potential claim given to a prior insurer. The maximum amount payable, regardless of the number of subpoenas shall be S 5,000. D. Security Incidents The Company will reimburse the Named Insured for the following response expenses incurred by the Named Insured in responding to a Security Incident the Named Insured first discovers and reports in writing to the Company during the Policy Period. The maximum amount payable shall be $10,000 for all Security Incidents discovered and reported during the Policy Period regardless of the number of Security Incidents. Security Incident response expenses are: (1) reasonable fees and expenses by cyber forensic analysts to determine the extent of the Security Incident; or (2) reasonable fees and expenses by attorneys or consultants to comply with federal, state or local privacy laws requiring that notification or credit monitoring services be provided to individuals when the security, confidentiality or integrity of their personal information has been compromised by the Security Incident. Section VII. Defense and Settlement A. The Company will have the right to make, with the consent of the Named Insured, any settlement of a Claim under this Policy. If the Named Insured refuses to consent to a settlement within the Policy's applicable Damages limit of liability that is recommended by the Company and acceptable to the claimant, then the Company's maximum liability under this Policy for such Claim will be the sum of the Damages for which the Claim could have been settled and the Claim Expenses incurred up to the date on which the Named Insured refused to consent to the settlement. B. The Company is not obligated to pay any Damages or Claim Expenses, or to defend or continue to defend any Claim, after the Damages limit of liability has been exhausted, or after the Company has deposited the remaining Damages limit of liability into a court of competent jurisdiction or tendered the remaining Damages limit of liability to the Named Insured or, if applicable, to the excess insurer(s) of the Named Insured, regardless of whether the Claim Expenses limit of liability has been exhausted. C. After the Claim Expenses limit of liability applicable to any Claim is exhausted by payment of Claim Expenses, the Company is not obligated to pay any Claim Expenses or to defend or continue to defend such Claim and the Named Insured will assume the defense of such Claim. If any Damages limit of liability remains applicable to any such Claim, the Named Insured may not settle such Claim without the Company's written consent, such consent not to be unreasonably withheld. D42100 (0345) Section VIII. Extended Reporting Periods A. Automatic Extended Reporting Period If this Policy is cancelled or non -renewed by either the Company or by the Named Insured, the Company will provide to the Named Insured an automatic, non -cancelable Extended Reporting Period starting at the termination of the Policy Period if the Named Insured has not obtained another policy of real estate appraisers errors and omissions insurance within sixty (60) days of the termination of the Policy Period. This automatic Extended Reporting Period will terminate after sixty (60) days. B. Optional Extended Reporting Period (1) If this Policy is cancelled or non -renewed by either the Company or by the Named Insured, then the Named Insured will have the right to purchase an optional Extended Reporting Period of one, two or three years. Such right must be exercised by the Named Insured within sixty (60) days of the termination of the Policy Period by providing: (a) a written request to the Company; and (b) with the written request, the amount of additional premium described below. (2) The non-refundable additional premium for the optional Extended Reporting Period shall be: (a) for a one (1) year Extended Reporting Period, 100% of the annual premium for the Policy; or (b) for a two (2) year Extended Reporting Period, 135% of the annual premium for the Policy; or (c) for a three (3) year Extended Reporting Period, 150% of the annual premium for the Policy. (3) The first sixty (60) days of the optional Extended Reporting Period, if it is purchased, shall run concurrently with the automatic Extended Reporting Period. C. Death or Disability Extended Reporting Period In the event the Named Insured dies or becomes permanently and totally disabled during the Policy Period, an unlimited Extended Reporting Period will be granted at no additional premium, provided that within ninety (90) days of the of the death or permanent and total disability: (1) the Named Insured or the Named Insured's estate requests the unlimited Extended Reporting Period; and (2) the Named Insured's estate furnishes written evidence and proof of the Named Insured's death or the Named Insured provides evidence and proof of the permanent and total disability, including the date of the actual disability and written certification by the Named Insured's attending physician. D42100 (03.15) D. Retirement Extended Reporting Period (1) If, after the Named Insured reaches the age of 65, and having been continuously insured by the Company on a claims -made basis for a minimum of five (5) years, the Named Insured retires during the Policy Period, an unlimited Extended Reporting Period will be granted at no additional premium; or (2) If the Named Insured retires from the appraisal business during the Policy Period, an unlimited Extended Reporting Period can be purchased for a non-refundable additional premium of 160% of annual premium. Such right must be exercised by the Named Insured within sixty (60) days of the retirement by providing: (a) a written request to the Company; and (b) with the written request, the amount of additional premium described in paragraph D.2. above, if applicable. There shall be no right to the retirement Extended Reporting Period if the Named Insured's license has been suspended, revoked or surrendered at the request of any regulatory authority. E. Extended Reporting Period Limits of Liability The Damages limit of liability and Claim Expenses limit of liability of the Company for all Claims reported during any Extended Reporting Period will be part of and not in addition to the Damages limit of liability and Claim Expenses limit of liability, respectively, for the Policy Period set forth in Item 4. in the Declarations. F. Elimination of Right to Any Extended Reporting Period There is no right to any Extended Reporting Period if the Company cancels or refuses to renew this Policy due to: (1) nonpayment of amounts due under this Policy; (2) noncompliance by the Named Insured with any of the terms and conditions of this Policy; or (3) any material misrepresentation or omission in the application or the supplementary information and statements provided by the Named Insured for this Policy. G. Extended Reporting Period - Not a New Policy The Extended Reporting Period will not be construed to be a new policy and any Claim submitted during such period will otherwise be governed by this Policy. Section IX. Notice of Claim A. The Named Insured, as a condition precedent to the obligations of the Company under this Policy, will give written notice to the Company, as soon as reasonable, of any Claim made against the Named Insured. B. The Company further agrees that the Named Insured may have up to, but not to exceed, thirty (30) days after the Policy expiration to report in writing to the Company a Claim made against the Named Insured during the Policy Period, if the reporting of such Claim is as soon as reasonably possible. D42100 (03.151 10 C. If during the Policy Period the Named Insured becomes aware of any act or omission which may reasonably be expected to be the basis of a Claim against the Named Insured, including, but not limited to, any notice, advice or threat, whether written or verbal, that any person or entity intends to hold the Named Insured responsible for any alleged act or omission and gives written notice to the Company with full particulars, including: (1) the specific act or omission; (2) the dates and persons involved; (3) the identity of anticipated or possible claimants; (4) the circumstances by which the Named Insured first became aware of the possible Claim; and (5) potential damages or injury; then any Claim that is subsequently made against the Named Insured arising out of such act or omission will be deemed to have been made on the date such written notice was received by the Company. D. Notices pursuant to the foregoing paragraphs must be mailed, faxed or emaiied to the Company at the following address: (1) Emailedto: PLI)ClaimsrdKgaie.com; (2) Fax to: 855-805-8402; or (3) Mailed to: Great American Insurance Group Professional Liability Division Attn. Claims Department P.O. Box 1178 Cincinnati, OH 45201 Section X. General Conditions A. Assistance and Cooperation (1) The Named Insured will cooperate with the Company and upon the Company's request, attend hearings, depositions and trials and assist in effecting settlements, securing and giving evidence, obtaining the attendance of witnesses and in the conduct of suits and proceedings in connection with a Claim. (2) The Named Insured will assist in the enforcement of any right of contribution or indemnity against any person or organization who or which may be liable to the Named Insured in connection with a Claim. (3) The Named Insured will not, except at the Named Insured's own cost, voluntarily make any payment of Claim Expenses or Damages, assume or admit any liability or incur any Claim Expenses or other expense without the prior written consent of the Company. B. Action against the Company (1) No action may be brought against the Company unless, as a condition precedent thereto: D42100 (03+15) 11 (a) the Named Insured has fully complied with all the terms of this Policy; and (b) until the amount of the Named Insured's obligation to pay has been finally determined either by judgment against the Named Insured after actual trial and appeal or by written agreement of the Named Insured, the claimant and the Company. (2) Nothing contained in this Policy will give any person or organization the right to join the Company as a defendant or co-defendant or other party in any action against the Named Insured to determine the Named Insured's liability. C. Bankruptcy Bankruptcy or insolvency of the Named Insured or of the Named Insured's estate will not relieve the Company of any of its obligations hereunder. D. Other Insurance This Policy shall apply only as excess over, and shall not contribute with, any other valid and collectible policy or policies (except with respect to any excess beyond the amount or amounts of coverage under such other policy or policies), whether such other policy or policies are stated to be primary, contributory, excess, contingent, or otherwise. This Policy will not be subject to the terms of any other insurance. E. Subrogation In the event of any payment for any Claim under this Policy, the Company will be subrogated in the amount of such payment to all the Named Insured's rights of recovery against any person or organization. The Named Insured will execute and deliver instruments and papers and do whatever else is necessary to secure such rights. The Named Insured will do nothing to prejudice such rights. F. Changes Notice to any agent of the Company, or knowledge possessed by any such agent or by any other person, will not affect a waiver or a change in any part of this policy and will not prevent or preclude the Company from asserting or invoking any right or provision of this Policy. None of the provisions of this Policy may be waived, changed or modified except by a written endorsement issued by the Company to form a part of this Policy. G. Cancellation/Nonrenewal (1) This Policy may be cancelled by the Named insured by returning it to the Company. The Named Insured may also cancel this Policy by giving written notice to the Company stating at what future date cancellation is to be effective. (2) The Company may cancel or non -renew this Policy by sending written notice to the Named Insured at the address last known to the Company. The Company will provide written notice at least sixty (60) days before cancellation or nonrenewal is to be effective. However, if the Company cancels this Policy because the Named Insured has failed to pay a premium when due, this policy may be canceled by the Company by mailing to the Named Insured written notice stating when, not less than ten (10) days thereafter, such cancellation will be effective. The time of surrender of the Policy or the effective date and hour of cancellation stated in the notice will become the end of the Policy Period. Delivery of such written notice either by the Named Insured or by the Company will be equivalent to mailing. D42100 (03.15) s2 (3) If the Company cancels this Policy, the earned premium will be computed pro rata. If the Named Insured cancels this Policy, the Company will retain the customary short rate proportion of the premium. Premium adjustment may be made either at the time cancellation is effected or as soon as practicable after cancellation becomes effective, but payment or tender of unearned premium is not a condition of cancellation. (4) The offering of terms and conditions different from the expiring terms and conditions, including limits of liability, deductible or premium, shall not constitute a refusal to renew or a cancellation of this Policy. H. Territory This Policy applies to an act or omission taking place anywhere in the world provided that any suit is brought against the Named Insured within the United States of America, its territories or possessions, Puerto Rico or Canada. I. Entire Contract By acceptance of this Policy, the Named Insured attests that: (1) all of the information and statements provided to the Company by the Named Insured, including, but not limited to, the application and any supplemental information, are true, accurate and complete and will be deemed to constitute material representations made by the Named Insured; (2) this Policy is issued in reliance upon the Named Insured's representations; (3) this Policy, endorsements thereto, together with the completed and signed application and any and all supplementary information and statements provided by the Named Insured to the Company (all of which are deemed to be incorporated herein), embody all of the agreements existing between the Named Insured and the Company and shall constitute the entire contract between the Named Insured and the Company; and (4) any material misrepresentation or concealment by the Named Insured or the Named Insured's agent will render the Policy null and void and relieve the Company from all liability herein. J. Notices Other than Claims, any notices required to be given by the Named Insured will be submitted in writing to the Company, or its authorized representative. If mailed, the date of mailing of such notice will be deemed to be the date such notice was given and proof of mailing will be sufficient proof of notice. K. Assignment No assignment of interest of the Named Insured under this Policy is valid, unless the Company's written consent is endorsed hereon. L. Liberalization If the Company obtains approval for any state filing in the jurisdiction in which this Policy is issued that would expand coverage under this Policy without additional premium at any time during the current Policy Period, the expanded coverage will immediately apply to this Policy, except that it will not apply to Claims that were first made against the Named Insured prior to the effective date of such approval. D42iao (0315) 13 M. Examination of Named Insured's Books and Records The Company may examine and audit the books and records of the Named Insured, as they relate to this Policy, at any time during the Policy Period and up to three (3) years afterward. N. Reimbursement While the Company has no duty to do so, if the Company pays Damages and Claim Expenses: (1) within the amount of the applicable deductible; or (2) in excess of the applicable limit of liability; or (3) under a reservation of rights to seek reimbursement, and it is determined that the Company is entitled to such reimbursement. Upon written demand, the Named Insured shall repay such amounts to the Company within thirty (30) days. Failure to pay any amount indicated may lead to termination of this Policy. O. Conformity to Law Any terms of this Policy which are in conflict with the terms of any applicable laws are hereby amended to conform to such laws. P. Representative of the Company Great American Insurance Group, Professional Liability Division, Post Office Box 1178, Cincinnati, OH, 45201 shall act on behalf of the Company for all purposes including, but not limited to, the giving and receiving of all notices and correspondence. In witness whereof the Company has caused this Policy to be signed by its President and Secretary. GREAT AMERICAN ASSURANCE COMPANY* President ,Secretary D42100 (03:15) 14 CALIFORNIA FRAUD WARNING: For your protection Caliromia taw requires the following to appear on this form: Any person who knowingly presents false or fraudulent information to obtain or amend insurance coverage or to make a claim forthe payment of a loss is guilty of a crime and may be subject to fines and confinement in state prison. (1.4 L.ANDYInsurance GREAT AMERICAN ASSURANCE COMPANY INDIVIDUAL REAL ESTATE APPRAISER ERROR AND OMISSIONS RENEWAL YOU ARE ELIO IBLE FOR ONREQAUTOMATIC RENEWAL ]Insured Name: Laura Batuin Transaction ID: 99MI9542RT920203L Policy Number. RAP3665555-23 Renewal of: RAP3665555-22 Policy Tent: 05/08/20233 - 05/08/2024 Retrn Active Date: 05/08/2010 Fantail Address: lava@husseygmuphawaii.com Expiring Premium: $ 917.00 Premium Finance Option: Minimum Due $ 183.40 Minimum Due 20% Expiring Terms: $ 1,000,000 per claim / $ 2,000,000 Annual Aggregate A standard deductible of $500.00 per claim / $1,000.00 Annual Aggregate will apply Your policy will be issued with the sanmc lerius, address and endorsements as expiring once payment is received. Any changes to your infornntlurn should be provided with payment to be reflected on ),our policy. 14 No change to address or contact inforination j No new firms to list as Additional Insureds (] No limit changes The insured accepts that any policy issued will apply on a "Claims -Made" basis. To bind coverage we will need the insured s signed and dated acceptance of terms below and payment (including any applicable slate taxes). Premium or down payment and signed finance coniracl are due by the policy expiration dale of 05/08/2023 to avoid any lapses in coverage and loss of prior acts. I.aura Baurin Insured s Signature 05/01/2023 Date If you wish to change your limits, please contact your agent below for instructions: Herbert H. Landy Insurance Agency, Inc. 100 River Ridge Drive, Suite 301 Norwood, MA 02062 P:800-336-5422 F:800-344-5422 Email: landy insurance@landy.com Herbert H. Landy Insurance Agency, Inc. 1 100 Rarer Ridge Drive I Suite 3011 Norwood, MA 020621 phone: (731) 449-7711 Fax: (781)449-7908 visit us at www.landy.com 05/0V2023 BAULS1 4 RAP3665555-23 Lam Baurin Risk Management Services for Real Estate Professionals and Appraisers As part of our commitment to providing industry -leading service, Great American's Professional Liability Division is pleased to offer Risk Management Services to help real estate professionals and appraisers manage their existing and potential exposures. With our Risk Management Services, policyholders can receive: • Direct access to industry -leading Real Estate Professional Liability Defense Counsel • Assistance with questions regarding real estate professionals and appraisers practices and procedures, document review and other professional liability issues • Pre -claim assistance through our Risk Management Hotline How do I get more information? Great lnterican Professional Liability Toll -Free Risk Management Hotline.. 855 424 2468 or 855 G AI C HOT Qj LANDYInsurance Program Administrator 800-336-5422 *The Hotline is a resource for discussing risk management issues or questions that can arise during the normal course of business. Should you become aware of a claim, lawsuit, or circumstances that may result in a claim being filed, you should immediately report it to Great American at pldclaims@gaig.com. If you have questions concerning a claim or potential claim that you have already reported, please contact Landy Insurance at 800-336-5422 or www.landy.com. Great Amulm brauance Aroup. V 6 Fourth Strut, Undmafi. 011452M Coverage is sum=rhmd. Refer to the aMW pocky for a ful desaUftn of appkable tom=. carrdtlmn, Iknas and eneWsMm. Coverage Is uWerwritten by CadAmuken Aa MON Cerrpang a kwtf d lfftw Ind" 111do and ft D1vM of CogenNL ilre fob0lvirq f"Wersd arvtce mart¢ are erred by Brest Ammi an hnurenca Company. the Float Amerkm Inuaa w amp eagle lopo and nre word merle: Great Amerlcarr' and gnat Amadeen bravura Breup•. A 2t)t6 Gnat American Inwmme Cwma" Al rob reserved. 2964-PU (5/16) GRE-ATAMERICAN INSURANCE GROUP Professional Liability GreatAmencanPLD.com I ILANDYInsurance WHAT TO DO IF YOU HAVE A CLAIM OR A POTENTIAL CLAIM ONCE A CLAIM OR POTENTIAL CLAIM HAS BEEN MADE, IT IS IMPORTANT TO NOTIFY THE CARRIER IMMEDIATELY. This imbrmation should be malle eanalled, or taxed fo: O LANDYInsuran The Herbert H. ILar Insurance Agenc% 100 River Ridge Suite 301 Norwc MA 02062 infb@landy.com Phone: 800-336-5422 Fax: 800-344-5422 Email: piddaims@gaig.00m Fax: 85SM6-8402 THE FOLLOWING INFORMATION IS NEEDED: 1. A copy of any correspondence you have received. 2. If no correspondence has been received, provide a narrative signed and dated by a principal of the firm outlining the possible threat and the person or entity making the threat. 3. The period of time the services were performed. 4. A copy of your expiring Errors and Omissions Insurance Declaration page. 5. The potential damages or injury. 6. The date, time, and persons involved. 7. Your name, phone number, e-mail address, and fax number. Please refer to your policy for specific information regarding the policy terms, conditions and exclusions. Coverage cannot be determined until the information is received and reviewed by the Insurance Company. Contact Us The Herbert H. Landy Insurance Agency, Inc. 100 River Ridge Drive • Suite 301 • Norwood, MA 02062 800-336-5422 www.landy.com CRA-859 MARTA CAPRONI PO Box 1149 VOLCANO, Hi 96785 CERTIFIED RESIDENTIAL APPRAISER NOTICETHIS POCKET ID CARD IDENTIFIES YOU TO THE PUBLIC AS BEING CURRENTLY LICENSED AND SHOULD BE KEPT IN YOUR POSSESSION AT ALL TIMES. r•� •. +...'rrrrv�e r mKw w�r�ra+� UATgr*[) ESIL7ENt'4•LAYYHNSf¢iS r Q UAF1TA CAPROM PO BOX 1141 v01-CANO. le 967d4 S1d.L'STIJRE pF I IGEHSEE 17 Furneaux Ln, #F204 Hilo, HI 96720 Marta Caproni Phone: (808) 935-6081 Fax: (808) 935-6147 Email: martaQhusseygrouphawaii.com Education Qualifying Appraisal Education: Market Analysis & Highest & Best Use --Lincoln Graduate Center (May 2007). Site Valuation and Cost Approach— Lincoln Graduate Center (May 2007). Sales Comparison & Income Approaches —Lincoln Graduate Center (May 2007). Residential Report Writing & Case Studies— Lincoln Graduate Center (May 2007). Appraisal Principles —Western International Connections (September 2007). Appraisal Procedures— Western International Connections (September 2007). National USPAP-15 hours Western International Connections (September 2007). Continuing Education: USPAP (7-Hour Updated McKissock— Annual update. Practices & Pitfalls for the Residential Appraiser Appraisal University (December 2011). Fundamentals of Commercial Real Estates —Van Education Center (December 2013). Retail Center Analysis for Financing Appraisal University (December 2013). General Appraiser Income Approach Part I Appraisal Institute (September 2015). Residential Appraisal Review & USPAP Compliance McKissock (November 2017). The Income Approach: An Overview—McKissock (December 2017). Appraisal Math and Statistics --On Course Learning Real Estate (February 2019). Complex Properties: The Odd Side of Appraisal (December 2021). Understanding Luxury Home Features (December 2021). Undergraduate and Graduate Studies: 2000-2002 Central Michigan University Extension in Hilo, HI • Master's in Education. 1995-1999 Southern Oregon University Ashland, OR B.A., Major in Theater and Minor in Philosophy. Professional Qualifications State of Hawaii Certified Residential Appraiser, License Number 859. Me* Clients Banks: First Hawaiian Bank, Hawaii Community Federal Credit Union, HFS Federal Credit Union and AMCs. Major Clients (Continued) Government Agencies: County of Hawaii —all branches, State of Hawaii Department of Land a Natural Resources Land Division. Work Experience 2001 Present Hussey Appraisal Group Hawaii, Inc. Hilo, HI Title: Fee Appraiser - Supervise and train appraiser apprentices associated with Hussey Appraisal Group, Hawaii Inc. - Manage day -today company operations. - Appraisals have been made of the following types of properties: Single-family, multi -family, and raw acreage. - Appraisal assistance has been provided in commercial assignments of industrial, retail, mixed -use properties, and apartment projects. - Appraisal assistance has been provided in appraisals of easements and remnants. - Market area serviced: Hawaii County East Hawaii. References - Mr. Aaron J. Young, Vice President and Chief Appraiser for First Hawaiian Bank, 808-525-8715. - Mr. Jason Kusumoto, Central Processing Specialist for HFS Federal Credit Union, 808-930-1410. Mr. Nate Gaddis, Real Estate Agent for Compass Real Estate, 808-937-2663. --2- GREATAMERICAN INSURANCE GROUP 301 E. Fourth Street, Cincinnati, OH 45202 DECLARATIONS for REAL ESTATE APPRAISERS ERRORS & OMISSIONS INSURANCE POLICY THIS IS BOTH A CLAIMS MADE AND REPORTED INSURANCE POLICY. THIS POLICY APPLIES TO THOSE CLAIMS THAT ARE FIRST MADE AGAINST THE INWRED AND REPORTED IN WRITING TO THE COMPANY DURING THE POLICY PERIOD. Insurance is afforded by the company indicated below: (A capital stock corporation) I] Great American Assurance Company Note. The Insurance Company selected above shall herein be referred to as the Company. Policy Number: RAP3667978-23 Renewal ;+f: RAP3667978-22 Program Administrator: Herbert H. Landy Insurance Agency Inc. 100 River Ridge Drive, Suite 301 Norwood, MA 02062 Item I. Named Insured: MARTA CAPRONI Item 2. Address: 99-2043 Popohau PI City, State, Zip Code- Volcano, HI %785 Item 3. Policy Period: From 01/10/2023 To 01/10/2024 (Month, Dar, )ear) (Month, Dcn; Year) (Both dates at 12:01 a nt, Standard Time at the address of the Named Insured as stated in Item 2.) Item 4. Limits of Liability: A. S 1,000,000 Damages Limit of Liability Each Claim B. S 1,000,000 Claim Expenses Limit of Liability Each Claim C. S 1,000,000 Damages Limit of Liability Policy Aggregate D. S 1,000,000 Claim Expenses Limit of Liability Policy Aggregate Item 5. Deductible (Inclusive of Claim Expenses): A. S 500 Each Claim B. S 1,000 Aggregate Item 6. Premium: S 718.00 Item 7. Retroactive Date (if applicable): 01/10/2008 Item R. Forms, Notices and Endorsements attached: D42100 (03115) D42300 HI (05113) IL7324 (07/21) D42402 (05/13) D42408 (05/13) D42412 (033/17) D42413 (06//17) D42414 (08/19) Authorized Representative 1342- u i (W 15) P4@t 1 of I