What is Intellectual property rights Indemnity?

Compulsory Professional Indemnity Insurance  January 24, 2013 – 01:27 am
Professional Indemnity

In our regular review of what is happening on the NSW Fair Trading website, we luckily found (almost missed it), the new regulations relating to Professional Indemnity Insurance.  We have read the documents and provide the following notes as a summary for your information.  If you are a Licensee-In-Charge of an agency, or are working commission only with your own corporation under a separate banner, this is most definitely some information that you need to read.  As more information becomes available on this insurance provision, we will keep you up-to-date.

In a positive step forward for the real estate industry, NSW Fair Trading has introduced compulsory professional indemnity insurance for licensees under the Property Stock and Business Agents Act 2002.  Professional indemnity insurance is now a condition of your license, not an optional extra.

The Property, Stock and Business Agents Amendment (Professional Indemnity Insurance) Regulation 2012 commenced on 1 January 2013, and requires that all licensees have cover of at least $1 million for any one claim and not less than $3 million in the aggregate for all claims made during the period of insurance.

REINSW have spent years lobbying for this change, and describe the move as “a win for consumers and a win for the profession”.  Their research indicates that 75% of agents already have the level of insurance required, which to us suggests that these new requirements are simply bringing a minority of agents into line with standard industry practice.

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