Industry Supplier

Gallagher

DISCOUNT

Get a member discount on Gallagher's Professional Indemnity Insurance.

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0800 288 4921 

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CONTACT PROPERTYMARK

01926 417 365
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Professional Indemnity Insurance | Company Obligation

Professional indemnity insurance protects your company against claims of negligence or breach of professional duty, which in turn provides protection for your clients.

You do not need to provide us with evidence of your professional indemnity insurance if your company is regulated by RICS, the Law Society or the Law Society of Scotland. Instead we accept evidence that your company is regulated by one of those organisations. If that is not the case then all Principals, Partners and Directors (PPDs) who are members must provide evidence that their company has the appropriate professional indemnity insurance cover.

Cover can be arranged through any insurance broker but if you do not already have professional indemnity insurance, you can arrange cover through Gallagher who are our official insurance broking partner. They offer competitive quotes with up to a 20% discount for members. More info…

MINIMUM LIMITS OF INDEMNITY

Your company needs one of four levels of cover depending upon your company's business activities and total fee income from all sources. You will also be required to make an annual declaration about the activities and fee income of your company so that we can ensure you have the correct level of professional indemnity insurance cover.

Companies that do not undertake work in any element of residential letting or property management.


Minimum limit of indemnity

£100,000

Companies that undertake work in residential letting or property management.

Annual fee income is up to and including £150,000

Minimum limit of indemnity

£150,000

Companies that undertake work in residential letting or property management.

Annual fee income is over £150,000

Minimum limit of indemnity

£500,000

Companies that operate as a Client Accounting Service Provider (CASP)

Must Have no exclusion or limitation in respect of fraud or dishonesty (fidelity cover relating to the CASP's own money may be limited or excluded).

Minimum limit of indemnity

£2M in respect of any one claim

Basis of insurance cover

Your insurance policy must include the following elements:

  • Cover is on a civil liability basis;
  • The limit of cover must be on an “any one claim” basis;
  • Indemnity in respect of any claims arising out of all work undertaken since the inception of the business;
  • Cover for liability arising out of all aspects of the PPD member firm’s activities.

EVIDENCE OF INSURANCE COVER

As a member you must provide us with evidence of your professional indemnity insurance cover upon joining and annually thereafter. Evidence should show the insured, the level of cover, policy duration and insurer. Typically, this would be a copy of the first page of your company's professional indemnity insurance schedule. An invitation to renew or an invoice will not be accepted. We ask that you send us evidence of renewal for your professional indemnity insurance cover within ten working days of its annual renewal date.

Sending us evidence of your professional indemnity insurance

Email your evidence to piinsurance@propertymark.co.uk. Alternatively you can post a copy to... Propertymark, Membership Documents, Arbon House, 6 Tournament Court, Edgehill Drive, Warwick CV34 6LG. Please allow up to a week for post to arrive.

Late submission

Late submission of documentation can be pursued as a disciplinary matter outside of the disciplinary procedures. In these circumstances members may not have an opportunity to explain any reasons for their delay and it will likely result in an automatic fine. Members who persistently fail to provide their documents will have their membership terminated. More info...

CONTINUOUS POLICIES

If you have a continuous policy, we appreciate that insurers do not always automatically provide an annual schedule. However, we will still require evidence that the policy is currently on cover. Insurers will normally provide a current schedule on request. Alternatively, if we already have a copy of the schedule for your original policy then a letter or email from your broker or insurer confirming continued cover would be sufficient. An invitation to renew or an invoice will not be accepted.

Industry Supplier

Gallagher

DISCOUNT

Get a member discount on Gallagher's Professional Indemnity Insurance.

GET A QUOTE

0800 288 4921 

More info

 

CONTACT PROPERTYMARK

01926 417 365
email us