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Real Estate Agents – Professional Indemnity

Statewide Insurance Brokers have been providing insurance services to the Real Estate profession for 40+ years, and have a tailored range of products to ensure all risk management needs of the Real Estate industry are adequately covered, at extremely competitive pricing.

We work with and for Real Estate Agents, Property Managers, Strata Agents and the Real Estate Industry as whole, and specialise in Professional Indemnity Insurance Coverage.  We utilise all major Australian Insurers, as well as a panel of specialist Underwriting Agencies, to ensure our Professional Indemnity coverage remains industry best practice, at best pricing.

Features include, but not limited to:

  • Civil liability wording
  • Automatic reinstatements up to three times the limit of indemnity
  • Bodily injury up to limit of indemnity selected
  • Loss of documents
  • Complaint defence costs
  • Trade Practices Act cover
  • Vicarious liability of sub-contractors, consultants or agents
  • Principal/partners previous business
  • Broad definition of Professional Business
  • Worldwide cover excluding USA and Canada
  • Fraud and dishonesty
  • Joint Venture liability

Launching soon, will be our online binding facility for Real Estate Professional Indemnity, an industry first.

So What is Professional Indemnity?

Our Real Estate Professional Indemnity policies provide you and your business with comprehensive protection against claims for financial loss, and injury or property damage arising from an act, error or omission in the performance of your professional services.

If an error or omission occurs in the course of your work, and that error or omission causes a financial loss or injury to your client or any other third party, then they can claim damages against you.  This may result in you incurring significant costs (including legal costs) and reputational damage, which can be a significant disruption and financial burden to any business.

Professional Indemnity Insurance protects you from bearing the full cost of these claims and disputes, and from the time and resources they consume.

The threat of claims and litigation is very real and can potentially bankrupt businesses, small or large. It may seem like a distant possibility, but legal action often arises from an unforeseen event to completely disrupt businesses.  REIWA mandates $1,000,000 of cover for licenced Real Estate Agents – our policies are available at this level and higher, with automatic reinstatements.

Professional Indemnity is written on a claims made basis. This means that the policy provides cover for claims that are made against you and notified to the insurer during the period of cover, irrespective of the date when the cause of action may have occurred.

Some Things You’re Covered For

  • Cover for civil liabilities including breach of duty, defamation, loss of or damage to documents, infringement of intellectual property and more
  • Covers bodily injury and property damage claims arising from the professional services covered by the policy
  • Claims investigation costs (i.e. costs of investigating, defending and settling claims)
  • Automatic reinstatement of the Policy Limit
  • Continuous cover

Some Things Professional Indemnity Does Not Cover

  • Claims and circumstances known before the period of insurance
  • Intentional damage
  • Insolvency of the insured
  • Terrorism

Documents

CGU PI POLICY WORDING

CGU REAL ESTATE PROPOSAL ADDENDUM

CGU REAL ESTATE PROPOSAL

DUAL PI POLICY WORDING

DUAL PROPOSAL

QBE PI POLICY WORDING

QBE REAL ESTATE PROPOSAL

STEADFAST PI SUMMARY OF DIFFERENCES

Obtain A Quote

Simple!  Contact Us at Statewide Insurance and we would be happy to source the market and arrange the best available terms for you.