Market Participant: Appraisers Liability Insurance should be introduced in Azerbaijan
Azerbaijan, Baku, April 19 / Trend, U. Ismayilova /
Today in Azerbaijan appraisers' liability is insufficiently regulated by a legislation, which in turn leads to negative consequences, coordinator of the Azerbaijani Society of Appraisers Amil Ismayilov said in an interview with "Property and Economy".
"It would be useful to solve these problems by introducing the practice of appraisers's professional liability insurance," - Ismayilov believes.
According to him, errors in the assessment process that led to a distortion of the assessment, the disclosure of private information, damage or loss of property (documents) during the execution of works on assessment leads to violation of consumers' rights.
Ismailov believes that the market of appraisal services in Azerbaijan develops, number of appraisal companies grow, but appraisers as physical entities in the assessment of the object often causes damage to the customer or third parties. The liability of appraisers is regulated by means of insurance in many countries. Liability of appraisers is a condition that protects the rights of consumers.
Appraisal activity in Azerbaijan is regulated by the law "On Appraisal activity" adopted in 1995.