Agency services
Claims arising from sales advice, disclosure and marketing.
Real Estate Agent Professional Indemnity
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Real Estate Agent Professional Indemnity
Professional indemnity for agencies and property managers.
Agency claims come from three places: what was said in the sale, what was done managing the property, and what happened to the trust money. They are handled differently and worth separating.
What is it?
Real estate agencies provide sales, property management, commercial agency and strata management services under state licensing conditions that commonly require professional indemnity cover.
What does real estate agent professional indemnity cover?
Property management
Claims arising from managing someone else's property and tenancies.
Trust money
Exposures attached to trust accounts, which sit outside ordinary business cover.
What affects the cost?
- Sales versus property management mix
- Rent roll size
- Trust account controls
- Licensing conditions by state
- Claims history
Worth raising on the call
- Trust money exposure is not always inside a standard PI wording.
- Property management claims outnumber sales claims for most agencies.
- Licensing conditions vary by state and often set the minimum.
Claims we are commonly asked about
Material fact not disclosed at sale
A buyer discovers after settlement that the property had known flooding or structural history that was not passed on during the campaign, and claims the difference in value from the agency. These claims commonly turn on the file notes, the marketing material and what the vendor told the agent in writing.
Tenant approved without checks
A property manager approves an applicant without completing reference and tenancy database checks, and the landlord claims for damage and arrears well beyond the bond. Property management claims of this kind outnumber sales claims at most agencies.
Trust money taken by a staff member
A staff member draws money from the trust account over several months before an audit picks it up. Dishonesty by employees is commonly outside a standard professional indemnity wording and is typically addressed through a separate fidelity or crime section instead.
Worth confirming in the wording
- Worth confirming how dishonest acts by employees affecting trust money are treated, since employee dishonesty is commonly excluded from professional indemnity and usually needs a separate fidelity or crime section.
- Worth confirming whether failure to arrange or maintain insurance on a managed property is covered, because failure to effect insurance is often a specific extension rather than part of the base wording.
- Worth confirming how fines, penalties and disciplinary costs under state agency legislation are treated, including underquoting matters, since statutory penalties are commonly not insurable loss.
Common questions
Is professional indemnity compulsory for real estate agents?
Requirements are set at state and territory level and vary, with some jurisdictions and licence conditions requiring it and franchise groups and industry bodies commonly requiring it regardless. The practical step is to confirm the current condition with your state licensing authority, because these requirements are reviewed periodically.
Does professional indemnity cover my trust account?
Errors in handling trust money can fall within professional indemnity, but theft or dishonesty by your own staff is commonly excluded and dealt with under a fidelity or crime section. It is worth mapping the two policies together, since a trust account loss can involve both an error and a dishonest act.
Does it cover claims from tenants as well as landlords?
Property management claims can come from either side, including tenants alleging failure to repair or mishandling of a bond. Whether a particular claim responds depends on the policy terms and whether property management was declared as part of the services, so the proposal detail matters.
What drives the cost of agency professional indemnity?
Pricing generally reflects the sales and property management mix, rent roll size, the number of licensed staff, trust account controls and audit history, the states you operate in, the limit and excess selected and claims history. A large rent roll usually attracts more attention than a large sales volume.
General information only. Cover, limits and exclusions depend on the PDS, TMD, eligibility, underwriting and the policy terms. See professional indemnity insurance for the wider picture.
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