People are increasingly intolerant of errors, broker warns
Insurance broker Deacon, which provides insurance for blocks of flats, has developed a new professional indemnity product for managing agents.
The cover features bespoke policy wording and protects agents against claims and legal action arising from unintended failure to comply with Section 20 consultations regarding building works.
“Most managing agents work to a high standard and are well aware of their statutory obligations but mistakes do happen,” Deacon head of business Penny Jepson said in a statement. “People are increasingly intolerant of human error especially where a financial cost is a result so professional indemnity insurance is absolutely essential to protect an agent’s business, as well as being a condition of membership of the industry’s trade associations and professional bodies.”
Deacon says its new PI cover exceeds trade associations’ minimum requirements. The policy includes higher ombudsman cover, loss of documents and court attendance fees. It also covers professional liability, estate agents and health & safety legislation, intellectual property, and court attendance. Optional extras include survey, valuation and insurance work.
No comments yet