Q. I already have a Professional Indemnity (PI) Insurance policy in place, how does this effect me joining Company Advantage?
Once you have signed up to Company Advantage, and are able to meet the acceptance criteria, your new PI insurance policy will begin at the point your existing policy is due to expire. Your policy will be for a full 12-month period regardless of when your Company Advantage subscription started.
If your current PI policy is with Gallagher, you do not need to do anything. They will automatically change over your policy to Company Advantage’s policy when it is next due for renewal.
If your current policy covers you for more than the £1,000,000 indemnity limit, Gallagher will provide a quote for the top-up difference.
Q. Does the PI Insurance cover Cyber Insurance and Public Liability Insurance?
Cyber Insurance of this nature is particularly personalised to individual businesses. Whilst Cyber Insurance is not included, Company Advantage offers a range of cyber security tools and tips to support your business in this area.
Likewise, Public Liability Insurance is not included in our cover. However, we can put you in touch with Gallagher who will provide separate quotes for both Cyber Insurance and Public Liability Insurance should you require them.
Q. Why is Company Advantage more expensive if you hold client money?
If you hold client money, regulatory checks are more complex. The fee within the monthly direct debit for Company Advantage includes a contribution towards this cost.
Q. What do I have to provide for the new compliance framework?
We ask for a bank statement that confirms your designated client account, the total amount of funds in the client account and the statement’s date. You will also need to provide a Copy of Ledger confirming the amount expected in the client account on the provided statement date.
We will also need to see evidence confirming the amount of deposits held in your client account (i.e. insured deposits); and/or by your deposit scheme (i.e. custodial deposits). This evidence can be a screenshot or photo providing the above information is clear. All documents provided must relate to the same date.
Q. Do the AML checks include Land Registry ownership verification?
They include proof of address via a Credit Reference Agency (e.g., Experian). Agencies can also opt to access HM Land Registry title documents (register, plan, and supporting documents), subject to an additional cost. These can be configured for payment by either the agent or the consumer and made available to buyers and conveyancers. Trading Standards recommend agents review these documents before listing a property.
Q. How much can I charge the client for an AML check?
Depending on how you choose to configure your platform you can also optionally have your clients sign their T&Cs, enabling your clients to do multiple steps of client onboarding in one place.
Any potential cost for this (i.e. whether it’s free or not) is entirely dependent on how you configure your platform.
Q. When will I get access to the documents and resources after signing up?
You’ll receive access within two weeks after we receive your initial payment—either the first Direct Debit instalment or the full amount.
Q. Are the training credits only for members, or can they also be used by staff?
The training credits included in the Elite package can be used by either the Principal, Partner or Director (PPD) or any staff member.
Q. What logo should I display?
For agencies within Company Advantage, part of the new Compliance Framework, display the green Certified and Accredited by Propertymark logo. Upon joining Company Advantage you will be provided with this new consumer-friendly logo. If you are already a Propertymark member, we ask that you remove any of the ‘Protected’ logos from your websites and branch windows at your earliest convenience.
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