Professional Indemnity Insurance
You must ensure your company holds appropriate Professional
Indemnity Insurance. This can be arranged through any
insurance broker. Agent Assure are the brokers for the NFOPP and
they can be contacted on:
Tel: 0207 337 7551; Fax: 0870 191 6758; Email: info@agentassure.co.uk;
Web: www.agentassure.co.uk.
Minimum Limits of Indemnity
Your company will need one of three levels of
cover depending upon your business activities and fee
income. Please ensure your cover meets the appropriate
level.
- The minimum limit of indemnity is £100,000.
- However, if a company operates as an agency in residential
lettings, and the total fee income for the company from all sources
is £150,000 or less, then the limit of indemnity must be
a minimum of £150,000.
- If a company operates as an agency in residential lettings, and
the total fee income for the company from all sources is over
£150,000, then the minimum limit of indemnity must be
£500,000.
You will be required to make a declaration about your company's
last year's fee income so that we can ensure you have the correct
level of cover.
Evidence of Insurance Cover
You must provide us with evidence of your professional indemnity
insurance cover annually as a condition of continued membership of
the Association. We would therefore ask that you forward to us
evidence of renewal of your PI policy within 10 working days of
your annual renewal date. Evidence should show the insured, the
level of cover, duration of policy and insurer. Typically, this
would be a copy of the front cover of your PI renewal schedule.
Continuous Policies
If you have a continuous policy, we appreciate that insurers do
not always automatically provide a yearly schedule. We still
require evidence that the policy is currently on cover. Insurers
will normally provide a current schedule on request. Alternatively,
a letter or email from either your broker or insurers would be
sufficient. An invitation to renew or invoice is unfortunately not
sufficient.
Further Information
For further information on the Professional Indemnity Insurance
requirements please call 0845 250 6011 or email piinsurance@nfopp.co.uk