Estate Agents Professional Indemnity Insurance
Professional Indemnity Insurance is vital for any business offering professional advice or services in the property sector, including Estate Agents, Letting Agents, Property Management Companies and Surveyors. Professional and Regulatory Bodies require members to take out PI Insurance and will usually stipulate the minimum levels of cover required.
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Client demands place greater responsibilities on Professionals than ever before, leaving Professionals more vulnerable to being sued. Professional Indemnity Insurance is an essential part of protecting both your business and your professional reputation.
Scope of Cover
Policies will generally include the following: -*
- Full civil liability cover for claims arising from professional services carried out by you.
- Cover for awards made by the Ombudsman for Estate Agents Scheme, the Surveyors and Arbitration Scheme and adjudications made under the Housing Grants Construction and Regeneration Act 1996.
- Employee dishonesty – loss of money or property (other than that of employees) as a result of an employee’s dishonesty.
- Loss of documents – costs incurred replacing or restoring documents.
- Defence costs – for example, incurred in dealing with investigation and defence of proceedings brought under the Health and Safety at Work Act, The Estate Agents Act and The Construction (Design and Management) Regulations 1994.
- Compensation for court attendance in connection with a claim.
- Cover for costs incurred for representation at tribunals and hearings.
*Professional indemnity policy wordings can differ widely and you should always refer to your schedule and read the policy wording to ascertain the full level of cover provided and any significant exclusions. If in doubt, refer to us for guidance.