Professional indemnity insurance for Estate Agents
The National Association of Estate Agents (NAEA) is the leading professional body for estate agents. Membership and representation is for individuals rather than organisations.
It is a compulsory requirement of NAEA membership that all principals, partners & directors hold professional indemnity insurance (PI), and purchase into an approved Client Money Protection Scheme (CMPS) if involved in lettings & management.
The NAEA has no specific requirements on minimum Limits of Indemnity and Excesses but it does require a standard form of cover. The policy is required to have an indemnity limit that is on an ‘any one claim’ basis (in other words no restriction as to the number of claims in a year but each claim has a maximum limit). The wording must be on a civil liability basis.