Professional Overhead Expense
Would you be able to cover your business expenses if you were to become disabled? Personal disability may not be enough to cover the expenses for you and your family as well as your business. Consider AIIT Group Professional Overhead Expense Insurance to help protect your personal savings from the devastating financial consequences a disability can bring.
With AIIT Group Professional Overhead Expense coverage for Appraisal Institute Professionals, you’ll have access to the following:
- Up to $10,000 per month for up to 24 months of a covered disability
- Up to 100% of your monthly eligible office overhead expenses
- Waiting period of only 30 days
- Specially-negotiated rates through group purchasing power of the Appraisal Institute
Eligible Office Expenses include
- Mortgage payments on business premises (principal and interest)
- Employee salaries*
- Principal and interest on existing business loans
- Monthly average of taxes on premises
- Maintenance of existing business equipment
- Leasing costs for existing furniture and equipment (used exclusively in the insured member's office)
- Principal and interest for existing equipment
- Insurance premiums (pro-rated monthly)
*If a non-appraiser employee of the corporation is also a stockholder, the salary to the employee for duties regularly performed is an eligible expense as long as the salary is commensurate with those duties. If you are incorporated, a partner, or a joint tenant, overhead expenses included only your share of them. For complete details on eligible expenses and those that are not included, contact Plan Administrator.
You can apply for monthly benefits from $500 to $10,000 (in $100 increments). However, the benefit amount you receive will not exceed the lesser of 1) actual monthly eligible expenses incurred; 2) monthly average of eligible expenses for six months prior to disability; and 3) amount of monthly benefits in force on the date disability begins.
The monthly benefit you request, together with any other overhead expense insurance that you have, or for which you are applying, cannot exceed 100% of the monthly average of eligible expenses that you incurred for the six months prior to requesting coverage.
For more information, including features, costs, eligibility, renewability, limitations, and exclusions download the brochure.
This policy is underwritten by New York Life Insurance Company, under Group Policy No. G-13776-3, on Policy Form GMR.
New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico, and Canada. However, not all group policies it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability.
New York Life’s state of domicile is New York, and NAIC ID # is 66915.
New York Life has received the highest financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch Ratings (AAA), Standard & Poor's (AA+), and Moody's Investors Service (Aaa).*
*Source: Third-party rating reports as of 9/30/21
Group Professional Overhead Expense Insurance Brochure (includes rates)
Group Professional Overhead Expense Insurance Application (download and mail)
If you have any questions, please call:
The AIIT Group Professional Overhead Expense Insurance is Underwritten by:
New York Life Insurance Company
51 Madison Avenue
New York, NY 10010
under Group Policy No. G-13776-3
on Policy Form GMR-FACE/G-13776-3