What is Public Liability Insurance?
At Real PI we can assist in creating tailored insurance solutions that will meet the requirements of accredited Real Estate Agents.
It is also important to have Public Liability (PL) to cover yourself and your office in the event a client, supplier or a member of the public is injured or sustains property damage as a result of your business activities.
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.
