What is Professional Indemnity Insurance?
At Real PI we can assist in creating tailored insurance solutions that will meet the requirements of accredited Real Estate Agents.
Professional Indemnity (PI) is one of the most important insurances for real estate sales agents across Australia. The most common types of claims brought against real estate professionals involve allegations of professional negligence and/or misleading and deceptive conduct.
Claim Example
The purchaser issued proceedings in VCAT against the vendor and our agent insured. The main allegations against the Insured is that they allegedly represented to the purchaser that the auction was not conducted on a GST exclusive nature and the purchaser was led to believe that he did not have to pay an additional sum of $48,000.
The claim settled out of court for $48,000. The Insured’s contribution was $30,000. The legal costs incurred were $10,000. Both the legal costs and the insured’s contribution were covered by the policy.
