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New Legislative Requirement for Professional Indemnity (PI) for Property Professionals

New Legislative Requirement for Professional Indemnity (PI) for Property Professionals

Property professionals are obliged to hold professional indemnity under new legislation – see below extract from www.nprsa.ie

4.3.1. Applications for a Licence from a Property Services Employer or Independent Contractor must be accompanied by evidence that they have P.I. Insurance which covers both the Property Services Employer and all Principal Officers and Employees engaged in the provision of property services.

4.3.2. The level of cover which must be provided for is
“the amount insured for each and every claim (exclusive of defence costs)
must be at least twice the business’s annual fee turnover (exclusive of VAT)
in the previous fiscal year subject to a minimum cover of €500,000 (five
hundred thousand euro), with no limit on the number of claims in any one
year.”
4.3.3. In some cases at the time of making the licence application an applicant may not have PI Insurance in place. In such circumstances, a letter to the Authority from an authorised insurer, indicating a willingness to provide the necessary PI Insurance to the applicant on the grant of a licence, will suffice. However, before a licence can be granted a certificate of insurance, certifying that the necessary level of insurance has been put in place, must be provided to the Authority.

4.3.4. An application for a Licence from a Principal Officer or Employee must
contain a declaration that the applicant is covered by the employers PI
Insurance.

For a competitive quote on Professional Indemnity insurance contact Doyle Mahon Insurance, the Professional Indemnity Specialists on 053-9123630 or info@doylemahon.ie or visit our websites; www.doylemahon.ie & www.irishprofessionalindemnity.ie

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