Protecting your business
As a professional, even verbal advice given to your clients is potentially legally binding, which is why professional indemnity (PI), sometimes known as professional liability insurance, can be so valuable.
PI can protect you from the potentially-catastrophic financial loss and reputational damage that can result from claims levied against you by dissatisfied customers.
The policy we offer RICS meets trades association requirements including (RICS) and the Association of Residential Managing Agents (ARMA).
It has been carefully developed to cover the work carried out by managing agents, which results in competitive premiums. For example, most managing agents do not carry out surveys themselves, although many PI policies automatically include a charge for this in their cover.
At Deacon we don’t believe you should pay for cover you don’t need, so we will only include this cover if you specifically request it.
Key features of the policy are:
- Professional Liability Damages, costs and/or expenses incurred arising solely in the performance of, or failure to perform, managing agent services.
- Fraud and Dishonesty Damages, costs and expenses incurred up to the date of discovery.
- Libel or Slander Indemnifies the insured against legal liability in respect of libel or slander (defamation in Scotland).
- Estate Agents and Health and Safety Legislation Defence costs for litigation incurred under this legislation.
- Ombudsman Award Cover for final and binding award or determination of an ombudsman appointed under a recognised scheme.
- Intellectual Property Damages arising from infringement of third party intellectual property rights.
- Court Attendance Payment to the insured for attendance at a recognised court.
- Loss of Documents Cover for reasonable pre-approved expenses following the loss of documents solely in the performance of, or failure to perform, managing agent services.
- Copyright, intellectual property rights Unintentional breach of copyright and intellectual property rights.
- Fidelity Actual or alleged dishonest or fraudulent act or omission committed by an employee of the insured.
For a free copy of our Professional Indemnity fact sheet click here.
The sole purpose of this article is to provide guidance on the issues covered. This article is not intended to give legal advice, and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and/or market practice in this area. We make no claims as to the completeness or accuracy of the information contained herein or in the links which were live at the date of publication. You should not act upon (or should refrain from acting upon) information in this publication without first seeking specific legal and/or specialist advice. Arthur J. Gallagher Insurance Brokers Limited trading as Deacon accepts no liability for any inaccuracy, omission or mistake in this publication, nor will we be responsible for any loss which may be suffered as a result of any person relying on the information contained herein.