Hamilton Fraser and Hiscox have produced a bespoke Professional Indemnity policy aimed at the estate, letting agents and professions alike, if you are a new venture looking for just Professional Indemnity only or you have a network of offices and staff throughout the country Hamilton Fraser are able to protect your professional negligence, contents, business interruption, liabilities and much more.
We at Hamilton Fraser are experts in the insurance industry. We have been offering tailor made insurance to property professionals for 20 years having started with landlord insurance in 1996.
Over time we have built on our extensive knowledge of the property market and have expanded our core products. We insure over 30,000 properties, our Property Redress Scheme has 4,500 members and Hamilton Fraser protects over 850,000 deposits on behalf of the government authorised mydeposits scheme. You can trust in our expertise, professionalism and great service.
Professional Indemnity Insurance
Professional indemnity insurance covers you for compensation you have to pay to your clients because of problems with your work, including compensatory damages and claimant’s costs awarded against you. We will also pay your legal defence costs incurred with our agreement. It may also pay for mistakes to be corrected and reimburse you for fees that your client might refuse to pay.
Having this cover in place is vital for those in the business of giving advice – including estate and letting agents, managing agents and surveyors.
Professional Indemnity Insurance premiums start from as little as £23* per month
As standard you will be covered for:
- Claims arising from negligence, negligent misstatement, negligent misrepresentation or breach of duty of care.
- Claims arising from defamation or infringement of intellectual property rights including copyright and trademark.
- Claims arising from dishonesty of your partners, directors, employees or self-employed freelancers.
If during the period of insurance and as a result of your business activity within the geographical limits for clients, any party refers any complaint arising directly from your breach of a duty of care to any Ombudsman including the Ombudsman for Estate Agents or to arbitration including arbitration through the National Approved Letting Scheme, we will indemnify you against the sums you have to pay as compensation.
*Plus insurance premium tax (IPT) currently at 9.5%
Professional Indemnity Cover
To illustrate how having the right PI cover in place can protect your business, three example claims are listed below:
- Negligent misstatement – A buyer sued an estate agent for advertising a property in a brochure featuring an image that clearly showed surrounding land forming part of the premises for sale. However when the documents reached the buyer, it became apparent the land was not part of the premises and they sued the estate agent for the costs they had incurred in carrying out a survey and arranging their mortgage. The estate agent always maintained the correct procedure was followed and the vendor had signed off the image used in the brochure.
- Infringement of intellectual property rights – An employee of a letting agent used one of their competitor’s tenancy agreement documents, changing only the branding, company name and minor details such as the correspondence address. The estate agent was unaware of their employee’s actions and could certainly not have been accused of condoning or ignoring them.
- Misuse of information – An employee of an estate agent sold a property very quickly, before the details were even marketed. This action was in line with the vendor’s need for a quick sale. Subsequently the vendor discovered that the purchaser was the agent’s cousin and that the property was back on the market, less than a year later for a price 20% higher.