There are many essential things to be mindful of when it comes to real estate practice – professional indemnity insurance is one. What is this? This will protect agents from civil liability claims that resulted from alleged damage or loss filed by their client. Most of the time, unsatisfied clients take legal actions against real estate companies in order to get compensation when they believe that they have been treated unfairly. Apart from that, they also file claims when they are disappointed with the business transaction; after all, customer is always right.
Some of the common professional indemnity litigation include misrepresentation allegations, breach of statutory provisions in certain laws, breach of duty care or contract, and poor property managements. Regardless of whether the mistake was committed by the real estate company or the agent, allegations will greatly affect the reputation, operations, and financial situation of the business. It is because of this that most real estate agents and companies must invest in as well as be aware of the coverage of their chosen professional indemnity insurance.
Features Of The REAPI Powered By Eagle Insurance Brokers
- Principals Previous Business – This will cover your liability from a previous business that you ran and has emerged into your current business.
- Trade Practices Act – Coverage for breaches of the Trade Practices or same state legislation.
- Loss of Documents – This covers the loss of important documents that cannot be replaced easily.
- Subcontracts & Consultants – This covers your vicarious liability from any subcontractor or consultant that you engage. This will also cover the individual subcontractor or consultant.
- Defamation – This will cover allegations that you have defamed the character of a person in your professional capacity.
- Intellectual Property – This will cover accidental infringement of copyright, trademark, patent, etc of another person.
Professional Indemnity FAQ'S
· Why does a professional need a Professional Indemnity policy?
· What protection will a Professional Indemnity policy provide?
· What does a Civil Liability Professional Indemnity wording cover?
· What fact, situation or circumstance should I notify to an insurer?
· What is the difference between jurisdiction and territorial limits?
· What is a ‘claims made and notified’ policy? How does it differ from an ‘occurrence policy’?
· What is meant by a ‘known circumstance’?
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