Class Code: 8721

Per NCCI's Scopes Code Description:

Code 8721 contemplates real estate appraisal companies. These firms evaluate real estate to determine market value. The evaluation process generally begins with the appraiser reviewing files and other data relative to the property to be appraised. The appraiser will often visit the site to make observations of the property as well as to review the accuracy of data previously collected in regard to the property. Other field activities may include visits to comparable properties. Real estate appraisers spend considerable amounts of time in an office in addition to the described field trips.

Code 8721 does not contemplate insureds that perform in-depth or hazardous physical inspections of property. The term “in-depth physical or hazardous physical inspections” includes but is not limited to activities such as inspection of roofs or attic crawl spaces; subbasement inspections; or inspection of equipment such as boilers, furnaces or electrical systems. Risks that engage in these inspections to determine the physical condition of properties are classified to Code 8720—Inspection of Risks for Insurance or Valuation Purposes NOC.

Related Operations Not Classified to Code 8721:

   
•    8720—Inspection of Risks for Insurance or Valuation Purposes NOC

CROSS-REF.  REAL ESTATE AGENCY—OUTSIDE EMPLOYEES & COLLECTORS

(N/A MA)

Note:  Care, custody, and maintenance or construction work to be separately rated.

Description:

Code 8721 is also applied to outside salespersons and collectors of real estate agencies.

Rate per $100. of Renumeration: $ 0.22

Construction Exemption Required: No