Summary of Cover Professional Indemnity Scheme

Transcription

1 Summary of Cover Professional Indemnity Scheme For members of NAEA, ARLA, ICBA & NAVA ESTATE AGENTS FOR SAL E UNDER OFFER Official insurance broking partner for:

2 Summary of cover Professional Indemnity insurance scheme for members of The National Federation of Property Professionals This document provides a summary of the significant features, benefits and limita ons of the cover provided by Professional Indemnity insurance scheme for property professionals including surveyors, estate and le ng / management agents. This document does not cons tute an evidence of insurance cover. For full details of the cover including complete terms, condi ons and exclusions please refer to the policy document. About and our unique scheme The National Federation of Property Professionals (incorporating NAEA, ARLA, NAVA and ICBA) is the national body representing the interests of property professionals throughout the UK. Over the years, NFoPP has worked closely with the team at, its official insurance broking partner, to design a wide range of tailor made insurance products, which are compe vely priced and relevant to the needs of property professionals. In addi on, advises the NFoPP on liability and risk issues affec ng the industry and administers a dedicated Professional Indemnity insurance scheme for its members. At, we have the specialist knowledge and exper se to deliver cost effec ve solu ons for your business. Our experienced and dedicated team of brokers who specialise in the placement of professional indemnity insurance for property professionals are always on hand to discuss your individual requirements and offer first class service. Our experience in arranging professional indemnity insurance for estate and le ng agents, surveyors, valuers and auc oneers has established as one of the UK's leading advisors in the field. For more informa on about, our products and services, please contact us: Birchin Court 20 Birchin Lane EC3V 9DU Tel: Fax: info@agentassure.co.uk Web: Type of insurance Professional Indemnity policy will protect you from financial loss, which arises as the result of a claim made against you for breach of professional duty. It covers legal defence costs as well as damages payable for the claim itself. Professional indemnity insurance operates on a claims made basis. This provides cover only for claims made and reported to insurers in accordance with the claims no ca on condi on. Once a policy has expired there is no cover in force in respect of claims that may arise even if the claim relates to work undertaken during the period of policy cover. Some policies may include a retroac ve date, shown on the schedule of the policy, which excludes claims arising from work done prior to this date is part of Ink Insurance which is a trading name of Ink Underwriting 3rd Floor, 20 Birchin Lane, EC3V 9DU

3 Duty of disclosure You have an ongoing duty to disclose material informa on to us at all mes. Informa on is material if it would influence the judgement of an insurer in determining whether to take the risk and at what terms and premium. Failure to disclose such informa on may en tle the insurer to avoid the contract with effect from incep on and to repudiate liability in respect of any claims. Name of Insurer Our Professional Indemnity insurance scheme is underwri en exclusively by ACE European Group Limited, a global insurance and reinsurance leader in property, casualty and financial services risks. For more informa on, please visit Key covers, features and exclusions of the policy Your policy includes the following key covers, features and exclusions, which are set out in full in your policy documenta on. This is a summary of the policy and does not contain the full terms and condi ons of the cover, which can be found in the policy document. It is important that you read the policy document carefully when you receive it. The following benefits are included as standard: Claims for any civil liability arising out of the conduct of the business Insurers costs in a defence of any claim are in addi on to the Limit of Indemnity purchased under the policy Breach of professional duty and confiden ality Accidental breach of copyright, patent or design rights Limited fidelity cover (loss of insured s own money or property through employee dishonesty) Consequence of any loss of or damage to business records Awards made against you by an ombudsman, including The Property Ombudsman Our Policy's standard excess is 500 each and every claim (Increasing to 750 for Property Management and Le ng work) and higher where any Survey and Valua on work for lending purposes is carried out, or dependent on individual circumstances Legal Defence Costs for the Money Laundering 2003 and The Housing Act 2004 amongst other statutes Comprehensive claims management from no fica on to se lement Significant and unusual exclusions or limita ons (for full details please refer to the policy wording): Claims arising out of surveys and valua on work carried out for secured lending purposes Claims brought within the United States of America or Canada Risks that should be insured elsewhere Employers/Public Liability, Property, Products, Directors & Officers, Motor, Property Owners Liability, Avia on Cover excludes express warran es or guarantees Trading Losses, Fines and Penal es, Insolvency or Bankruptcy Investment ac vi es which are regulated by the Financial Services Authority Prior circumstances and claims Asbestos Risks (although restricted cover is provided subject to a limit of 250,000) War or terrorism related events is part of Ink Insurance which is a trading name of Ink Underwriting 3rd Floor, 20 Birchin Lane, EC3V 9DU

4 Duration of policy The policy will remain in force for 12 months from the date of commencement, or otherwise as shown on your Policy Schedule. Cancellation You may cancel this policy at any relevant time after the date we have received the premium, by providing 30 days notice in writing to us. If you do not pay the premium (or any part of the premium under the payment option you have chosen) by the due date, we may cancel this policy with effect from the end of the last period for which a payment has been made. We may cancel this policy by sending notice to your last known address. How to make a claim If you need to make a claim, please contact us quoting your policy reference number: Birchin Court 20 Birchin Lane EC3V 9DU Tel: Fax: info@agentassure.co.uk 9am-5pm Monday to Friday Complaints procedure When we receive suggestions about improving the way we work, or praise for a job well done, we feed it back into our business improvement procedures. We take complaints very seriously and deal with any criticisms positively and proactively. If you re dissatisfied with the way your provider has dealt with you, please follow the complaints procedure laid out in your policy document. Alternatively, contact us and we ll explain the procedure to you. If your dispute is with the way has dealt with you, please contact: The Branch Manager Birchin Court Birchin Lane EC3V 9DU is part of Ink Insurance which is a trading name of Ink Underwriting 3rd Floor, 20 Birchin Lane, EC3V 9DU

5 If you are unhappy with the outcome of your complaint you may refer the matter to the Financial Ombudsman Service (FOS) at: The Financial Ombudsman Service South Quay Plaza 183 Marsh Wall E14 9SR (free from landlines) or (free from most mobile phones) Or simply log on to their website at Whilst we are bound by the decision of the FOS, you are not. Following the complaints procedure does not affect your right to take legal action. Financial Services Compensation Scheme (FSCS) We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This will depend on the type of business and the circumstances of any claim. Further information about the compensation scheme arrangements is available from the FSCS. is part of Ink Insurance which is a trading name of Ink Underwriting 3rd Floor, 20 Birchin Lane, EC3V 9DU

6 ESTATE AGENTS FOR SAL E UNDER OFFE R Arranged by: Underwritten by: Tel: Fax: info@agentassure.co.uk is a trading name of INK Underwriting. ACE European Group Ltd. ACE Building 100 Leadenhall Street EC3A 3BP Tel Fax Registered in England Number: ACE European Group Ltd. is authorised and regulated by the Financial Services Authority. CC2061/EXP0113