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Professional indemnity – uncovered

Don’t find out the hard way that your PI isn’t up to the job. Oliver Wharmby highlights the danger to agents and explains how to get it right.

Oliver Wharmby

Link to PI insurance advertising featureProfessional Indemnity Insurance (PI) is a compulsory requirement for any estate and letting agent. It provides valuable cover for your business including defence costs and expenses, should you ever be faced with a claim for negligence or breach of duty. MINT Insurance Brokers Ltd has revealed an alarming number of case studies which highlight how many estate and letting agents’ PI policies are lacking in precisely the cover they need, or in some instances, actually cover an entirely different profession!

Arranging PI cover online can be such a minefield, that MINT has launched the first truly exclusive online Quote & Buy portal specifically tailored to suit the needs of property professionals. The portal has been welcomed by and partnered with some of the biggest names in the property sector.

Lack of policing

Because the sector is not regulated, there is no panel of approved insurers which provide cover to satisfy minimum terms, such as with the RICS or the Solicitors Regulation Authority (SRA). As a result, many products on the market which attract agents by price or simplicity, do not provide a sufficient level of cover and often agents are left with potentially disastrous gaps. We are regularly approached by agents who have paid for a policy which is for a different profession or does not cover the full extent of their business activities eg cover that applies for estate agency but does not extend to include letting agency or property management. It’s a common trap that agents fall into; due to a lack of policing and general education around PI, agents are left none the wiser until a potentially ruinous claim comes in and they find themselves uninsured.

Agents who have inadequate cover in place are paying for a policy which may not respond in the event of a claim and are potentially in serious breach of their redress code of conduct, CMP minimum requirements and their own contractual obligations eg franchisee and franchisor agreements.

Bespoke for agents
Link to PI insurance advertising feature

Oliver Wharmby

MINT’s unique online facility for property professionals provides instant cover for PI with optional Public Liability, Employers Liability and Office Insurance payable by interest free monthly direct debit. It is clear and makes arranging cover quick and easy. Most importantly, it provides the policyholder with peace of mind that they are taking out a policy which is fit for purpose and which will extend to include cover for residential and commercial estate agency, lettings, property management, land agency, buying agency and auctioneering. Regardless of whether the insured undertakes all these business activities, they can be reassured that they will be covered at no extra charge – we want to fill the gaps!

This Property Professionals online portal will help take away any uncertainty or confusion and provide reassurance for the insured party as well as redress schemes, trade associations and the franchisor and businesses operating self-employed models.

Tel: 020 3794 4440
[email protected]

Mint is a trading name of Mint Insurance Brokers Limited (FCA Registration No: 708710) which is an Appointed Representative of James Hallam Limited (FCA Registration No: 134435) which is authorised and regulated by the Financial Conduct Authority.

What our clients say:

“We wanted to ensure our franchisees had the right insurance to protect themselves and their customers, as it’s all too easy to buy cheap and inferior policies with insufficient cover online. This is why we chose the MINT online professional indemnity insurance ‘quote and buy portal’ for franchisees, which provides them with a quick and easy solution to arranging the right level of cover without any uncertainty.”
Nick Neill, Managing Director – Ewemove

“MINT Insurance Brokers understand the professional risks associated with estate and letting agency and, very importantly, the self-employed agency model dynamics. We need to know our associates are always covered and through a policy that is fit for purpose and which satisfies our needs and industry requirements.”
Andrew Benn, Chief Operating Officer – Keller Williams

“The MINT online quote and buy portal for property professionals allows agents to arrange their insurances safe in the knowledge they comply with the industry code. This gives us and our agent’s peace of mind.”
Glynis Frew, Managing Director – Hunters

“Using the MINT Online Property Professionals quote and buy facility gives us one less thing to worry about. We know our partners are taking out a policy which is designed specifically for estate/letting agents and which recognises the franchise/ self-employed model.”
Nick Carter, Director – Harding Green

“Having a PI policy that falls short of covering you for all your core business activities leaves you exposed and potentially in breach of industry minimum requirements. The MINT online portal is specifically designed to provide the right cover for property professionals and in line with industry requirements.”
Paul Offley, Group Compliance Officer – Fine & Country & The Guild of Property Professionals

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