Andrew, Not exactly. Your liability with the first client probably doesn't transfer so much as it just subsides.
However, I am getting at is more like risk and probability. If you give the same appraisal report to a million clients one at time, the likelihood of a complaint or law suit is going to exceed 50% at some point, even if you are only liable to one at a time; and even if there is nothing especially controversial about the appraisal. You might be at less risk in that scenario than if you did a million appraisals for a million clients, but how much less? Enough to be (in effect) transferring reports to new clients for chump change? Keep rolling the dice and eventually you will come up crap. That''s why you have to charge what the market will bear for each roll.
