Commercial insurance broker develops new agent product

One commercial insurance broker has recently announced the development of a new professional indemnity insurance product specifically designed for managing agents.

Business insurance broker Deacon announced the new cover recently, which provides protection from potentially damaging legal actions from claims arising from neglecting to comply with consultations under Section 20, which is the law controlling the need to consult leaseholders prior to certain value agreements or works are entered into by a landlord.  The policy includes court attendance fee cover, loss of documents, and Ombudsman cover, and also offers cover for health and safety legislation, estate agents, court attendance, intellectual property, and professional liability insurance.

Deacon’s business head, Penny Jepson, stated that people have become less and less tolerant of human error, particularly when it results in a financial cost.  This makes taking out professional indemnity insurance an absolute necessity, Ms Jepson said, as well as being conditional to being a member of the professional bodies and trade associations of the industry.

The world has become a more and more litigious one, said the head of business for Deacon, remarking that the bespoke cover also provides the most complete and comprehensive protection against neglecting to comply with the consultation process under Section 20, which has been referred to by many industry experts as a ‘minefield.’  Ms Jepson gave one example of a case were the insurance policyholder had been appointed to manage the refurbishment efforts of a block of flats, explaining how Section 20 notices needed to be served in order for the council to be able to recover any costs from private owners of some of the flats, with work not being able to commence until the requisite notice period expired.

© 2018 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright notice.

Tags: , , ,