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Full
Article: Professional Indemnity Insurance
Professionals work to a high standard, that's
what the word professional implies. However, we are all
human, we all make mistakes from time- to time, and
these are all the more likely in a modern office
environment where people work at a fast-pace under a lot
of pressure.In this fast-paced litigious world of
ours the general public are increasingly unforgiving
of shoddy work and human error: some will not accept
excuses where a financial cost is the result, and will
be on to their solicitor before you can say sorry.
So Professional Indemnity Insurance is absolutely
essential to protect an agent's business and is a
requirement of membership of all of the professional
bodies in the lettings and property management
industry.
Typical Professional Indemnity Insurance covers
liability to clients arising from liabilities
for negligence in connection with an agent's business:
- Breach of confidentiality.
- Loss of documents.
- Failure to serve important notices.
- Libel and slander.
- Being sued for negligence by a landlord or a tenant.
- The cost of putting right a mistake in order to
avoid any claim.
- Financial losses incurred as a result of dishonest employees,
partners or co-directors.
- Infringement of intellectual property rights
such as copyright.
- Costs involved in defending legal action, Ombudsman and Dispute Resolution Awards.
LandlordZONE
January 2006 all rights reserved
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Information here is by definition general in its nature. Before acting or refraining from action on insurance
matters
consult an insurance expert
authorised by the Financial Services Authority
(FSA) - all insurers advertising here are approved
by the FSA. For
property management and legal issues we
recommend you consult a chartered surveyor or a
solicitor. |
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