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Notice to Agents – New Insurance Requirements as at 1 July 2013

As at 1 July 2013 all registered property agents will need to have a level of professional indemnity insurance in place.

Does this apply to you?

If you are a licensed real estate, stock and station agent, business agent, strata or community agent or an onsite residential property manager this applies to you.

Remember – The policy must also cover employees, agents and any other people engaged in the business.

The amendment to the Property, Stock and Business Agents Regulation 2003 sets out the types of risks that must be insured. These are;-

–          Civil Liability

–          Personal injury

–          Negligence

–          Misleading and deceptive conduct

–          Breach of professional duty

–          Unintentional defamation; or

–          Unintentional interference with intellectual property rights. 

The minimal level of cover is $1,000,000 for one claim and $3,000,00 in total for all claims made during the insurance period. 

If you have an insurance policy already in place that was issued pre 1 Jan 2013 you are safe up until a) the date of the expiry of the policy or b) 1 Jan 2014 whichever is first.

If you require advice in relation to the above please contact 07 5536 9777 or email info@attwoodmarshall.com.au.

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Jeff Garrett

Jeff Garrett

  • Legal Practice Director
  • Direct line: 07 5506 8201
  • Mobile: 0419 304 174