Professional indemnity insurance
What do we require?
“When joining, you will need to complete a company application form, and a renewal form annually thereafter, providing details of your company’s activities and fee income so we can ensure you have the appropriate level of cover
Your insurance policy must include:
- cover on a civil liability basis
- limit of cover on an ‘any one claim’ basis
- indemnity for any claims arising out of all work undertaken since the inception of the business
- cover for liability arising out of all aspects of your firm’s activities
Minimum limits of indemnity
The level of cover required depends on your annual fee income (from all sources) and whether your company provides residential letting or property management services:
| Minimum level of indemnity | Criteria |
|---|---|
£100,000 |
Does not provide any residential letting or property management service |
£150,000 |
Provides residential letting and/or property management services with an annual fee income up to and including £150,000. |
£500,000 |
Provides residential letting and/or property management services with annual fee income is over £150,000. |
£2,000,000(in respect of any one claim) |
Client Accounting Service Providers (CASPs). The policy 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. |
Professional Indemnity Insurance included with Company Advantage
Propertymark has an exclusive policy—included with Company Advantage—that is tailored for property agents and ensures members always have the right cover in place. It provides up to £1 million indemnity cover with fidelity cover included as standard, protecting against both professional mistakes and fraudulent activity.
Provided by Gallagher and underwritten by Tokio Marine HCC, two globally recognised insurance providers, Company Advantage subscribers benefit from specialist protection, continuity of cover, and the reassurance of working with industry leaders.
Exemptions apply. Use the button below to learn more and view the terms and conditions
Propertymark Ltd is an Appointed Representative of Arthur J. Gallagher Insurance Brokers Limited which is authorised and regulated by the Financial Conduct Authority (Reference number: 311786) and which is permitted to arrange general insurance contracts. Registered address: Arthur J. Gallagher Insurance Brokers Limited, Spectrum Building, 55 Blythswood Street, Glasgow G2 7AT.
Providing evidence of insurance cover
If you have exisitng Professional Indemnity Insurance, you must provide evidence each year as part of your annual company form. Typically, this would be a copy of page one of the insurance schedule outlining who’s insured, level of cover, duration of the policy and the insurer. We will not accept an invitation to renew or a copy of an invoice as evidence of your cover.
Exemption
You do not need to provide evidence of your professional indemnity insurance if your company is regulated by RICS or the Law Society of Scotland.
Sending us your insurance cover upon renewal
Please send us evidence of renewal within ten working days of your insurance’s annual renewal date. Email evidence to [email protected] or post a copy to us at Membership Documents, Propertymark, Arbon House, 6 Tournament Court, Edgehill Drive, Warwick CV34 6LG.
Continuous policies
Insurers do not always automatically provide an annual schedule for continuous policies but normally will do so upon request. Alternatively, if we already have a copy of your original policy’s schedule policy then a letter/email from your insurer confirming continued cover would be fine.