Let Alliance starts offering property agents PI cover

Rent guarantee insurance provider Let Alliance has started offering a professional indemnity (PI) product tailored to property agents.

The policy is underwritten by AXA UK and administered by Custodian Management, an appointed representative of broking firm Advent Solutions Management.

Let Alliance said its new product is designed to meet the specific needs of the property industry and the risks faced by letting agents.

In addition to letting properties and property management, Let Alliance said that there are many statutory provisions that apply to property professionals. If an inadvertent breach results in a prosecution, the professional indemnity cover provides protection.

Let Alliance chief executive Andy Halstead said: “We work exclusively with letting agents across the United Kingdom and providing professional indemnity insurance designed specifically for property agents is a great addition to our proposition.”

Standard features of the Let Alliance product include coverage for ombudsman awards, Data Protection Act costs up to £250,000, loss of documents up to £250,000, prosecution defence up to £500,000, dishonest acts of employees and/or partners and directors, and more.