Alliance Partners
First National Real Estate
Claims trends with real estate professional indemnity
Australia is now the most litigious country in the world, per capita. We sue each other at a greater rate than America, and unfortunately this is reflected in our Claims Trends for Real Estate Professional Indemnity.
Claim Trends Emerging for Real Estate Professional Indemnity;
- Over the last 5 years Professional Indemnity Claims have increased in both frequency and severity… meaning they are happening more often and costing more when they do
- Bodily Injury Claims relating to Property Management Services is the number one claim type made against Real Estate Agent’s Professional Indemnity over the last 12 months, followed by Misleading and Deceptive Conduct
- There has been a significant increase in Third Parties being added to the action – particularly where they might have an Insurance Policy in place. Some call this the “Scatter Gun Approach” - multiple parties are named in an action, with the hope liability will land on at least one party
So, what can you do?
If you haven’t already, ensure you are reviewing process around Property Management Maintenance Requests – these should be well documented and followed up prudently and frequently.
Review your Professional Indemnity Policy Wording to establish if you have Bodily Injury cover, and if you are unsure or have any questions – reach out to the team at our Performance Partner Honan Insurance Group to assist.
REA: Buy four, get your fifth FREE
Realestate.com.au (REA) has a great offer for First National Real Estate sales agents.
Turn four of your listings ‘LUXE’ and get your fifth for free! The offer is available until December 13, so don’t waste time.
ZENU: Four new websites launched
Website hosting alliance partner, Zenu, this month helped members create four sparkling new websites for First National agencies. Is it time your website had a spring clean?
Take a look at what’s possible, then talk to Zenu about the alternative templates available.