Two providers to estate and letting agents have formed a strategic alliance to promote good practice and raise awareness of insurance policy challenges and property law.
Insurance broker, MINT, and compliance tool developer, Complylex, will be working together to ensure their property clients have all the information they need to ensure full and correct protection while understanding the potential ramifications of void policies and lack of knowledge.
The alliance comes after Mint’s Director, Oliver Wharmby, warned how an alarming number of agents do not have the correct level of Professional Indemnity cover due to poor understanding – a problem that Complylex’s Executive Chairman, Michael Stoop, echoes.
“It still amazes me that agents struggle with what PI cover they should actually have and, in my experience, get away with the lowest common denominator price wise, thinking that they have sufficient cover,” says Michael.
“Part of what we do at Complylex.com is to provide the property professional a simple, clear and concise guide to complex property law as well as covering the full spectrum on what insurances estate agents require so we are grateful to Mint Insurance for their content contribution.”
Oliver Wharmby (pictured) adds: “We fully endorse Complylex and are delighted to have been able to assist them with their insurance content. We encourage all agents, who do not have a compliance solution, to explore the benefits. With all the talk of ROPA, we want our policy holders to be well informed when it comes to legislative updates.
“Complylex is a fantastic user friendly tool which keeps agents up to date, legally compliant and in turn helps mitigate the threat of claims being brought for breach of duty. Recently, we have seen a spike in claims where agents are not aware of the latest changes in legislation and as a result have failed to serve notice in accordance with the new rules”.