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Professional Indemnity Insurance from Agent Assure. Members Survey. Survey Question: Did you know we are NFoPPs associated supplier of PI?. About Agent Assure. One of the UK’s leading insurance brokers for Property Professionals. - PowerPoint PPT Presentation
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Professional Indemnity Insurance from Agent Assure
Members Survey
Survey Question:
Did you know we areNFoPPs associated supplier of PI?
About Agent Assure
• One of the UK’s leading insurance brokers for Property Professionals.
• We already arrange insurance cover for more than 2,500 property professionals, including estate and letting agents, auctioneers, inventory clerks, and home condition inspectors.
• Approved Industry Supplier and Official insurance broking partner of NAEA, ARLA, ICBA and NAVA.
• We are now owned by the fourth largest broker in the world Gallagher’s.
Survey Question:
Do you have a good understanding of the following?
No or Unsure
Retroactive Date 68%
‘Claims Made’ policy 69%
Negligence Cover 45%
Grade AA- 83%
Fidelity 77%
Civil Liability 54%
Survey Question:
Do you have a good understanding of the following?
No or Unsure
Retroactive Date 68%
‘Claims Made’ policy 69%
Negligence Cover 45%
Grade AA- 83%
Fidelity 77%
Civil Liability 54%
Why do you need PI?
• Minimum requirements for ARLA, NAEA, NAVA and ICBA members
• Covers a property professional for defence costs and any damages awarded if legal action is taken against them for breach of professional duty or contract
• Vital if in the business of giving advice (duty of care)— including estate & letting agents, surveyors, valuers, auctioneers and home-condition inspectors
• Simple errors or omissions can expose a business to a financial loss - especially in the emerging ‘no win, no fee' claim society
Claims Example
An employee sent an email containing confidential customer information by accident to an incorrect party. The customer sued the firm for breach of confidentiality.
What did the insurance company pay?The professional indemnity claim cost £35,000, including legal costs covered by the insurance policy.
Claims Example
A tenant complained that they had been bitten by bed bugs all over their body including their legs and neck when their mattress had been confirmed as ‘brand new’ by their letting agent. The were suing the letting agent for the injuries, allowing them to sleep in an unsafe bed and having to sleep elsewhere for 10 days while waiting for a replacement.
What did the insurance company pay?The professional indemnity claim cost £6,500, including legal costs covered by the insurance policy.
Survey Question:
Do you have a good understanding of the following?
No or Unsure
Retroactive Date 68%
‘Claims Made’ policy 69%
Negligence Cover 45%
Grade AA- 83%
Fidelity 77%
Civil Liability 54%
What is Retroactive cover?
Retroactive (or ‘Retro’) cover means that you can be covered for work carried out historically, for instance claims arising from work you did before your policy started. It extends cover backwards to a specified date (the ‘retroactive date’) noted on your policy schedule. It can take weeks, months or even years for problems to become apparent and Retroactive cover ensures that you remain protected even if you didn’t have insurance cover at the time.
What does ‘claims made’ mean?
All professional Indemnity insurance are subject to ‘claims made’. For claims against you to be covered, you have be insured at two points: when you did the work and when the claim is made, this is why having retroactive cover is so important.
Claims Example
A business partner and the accountant have been siphoning off funds over a 3 year period to the cost of £800,000.
What did we pay?This is currently in progress but we have accepted liability to meet the full costs.
Head OfficeThe Walbrook Building 25 WalbrookLondonEC4N 8AW
Tel: 0844 963 21 22Fax: 0870 191 67 66Email: [email protected]: www.agentassure.co.uk
Agent Assure is a trading name of Ink Underwriting Agencies Limited which is authorised and regulated by the Financial Conduct Authority. Registered Office: The Walbrook Building, 25 Walbrook, London EC4N 8AW. Registered in England and Wales. Company Number: 03110970.Ink Underwriting Agencies Limited is a member of the Arthur J. Gallagher group. http://www.inkinsurance.co.uk
