Property
Professional Indemnity Insurance for Estate Agents
Estate agents carry liability for advice given during property transactions, from valuations to disclosure obligations. Professional Indemnity protects agencies against claims of negligent advice or omission.
Why it matters
Why estate agents need Professional Indemnity
- PPRA Fidelity Fund Certificate requirements and agency agreements typically expect adequate PI cover.
- Disclosure and valuation disputes are a common source of claims against agencies.
What does Estate Agent PI cover?
- ✓Claims arising from alleged negligent advice, valuation or non-disclosure.
- ✓Defence costs in responding to professional negligence claims.
Common exclusions
- –Deliberate or fraudulent acts.
- –Fidelity/trust account exposure, which needs separate Fidelity cover.
Real scenarios
Common Estate Agent PI claims
Non-disclosure claims
Claims linked to alleged failure to disclose property defects or material facts.
Valuation disputes
Claims that a property valuation or price opinion was negligent.
How much PI cover does an estate agent need?
Limits should reflect average and maximum transaction values handled by the agency.
What affects the premium?
- Annual commission income
- Number of registered agents
- Average and largest transaction value
- Claims history
What information insurers require
- • Annual commission income
- • Number of agents
- • Largest transaction value
- • Claims history
Retroactive cover
Retroactive date should reflect when the agency was established or first held PI cover.
Run-off cover
Run-off cover matters if the agency deregisters or closes.
FAQ
Frequently asked questions
PPRA requirements and agency practice generally expect estate agencies to carry adequate Professional Indemnity cover alongside Fidelity protection.
Get your Estate Agent PI quote
One simple online application, tailored to how estate agents actually work.
Related professions
Related covers
- Fidelity Guarantee →
Protects trust account funds handled on behalf of clients.
- Public Liability →
For show-house and site visit exposure.