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PROFESSIONAL INDEMNITY INSURANCE
ESTATE AGENTS
Examples of actual claims made and settled by Insurers.
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It was alleged that the Insured undersold a property. Five months later it was resold for double the previous price.
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£200,000 |
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The Insured was allegedly negligent in handling rent reviews for a client. As a result the rent reviews cannot take effect and a claim has been brought for loss of rent over a seven year period.
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£150,000 |
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A Notice to Quit was served on the tenant of a farm. The Insured failed to serve a Counter Notice under the Agriculture (Miscellaneous Provisions) Act 1976 within the time limit.
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£75,000 |
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An employee of the Insured altered amounts and wordings of cheques, enabling him to obtain the proceeds.
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£50,000 |
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The Insured advised a client to sell a farm by auction. The client later alleged that a higher price could have been obtained if the land and buildings had been sold separately.
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£45,000 |
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A property was put up for sale by the Insured, but it was alleged that they were not asked to.
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£40,000 |
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A defective Rent Review Notice resulted in an opportunity to review rent being lost.
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£35,000 |
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The Insured valued a client’s house in excess of £500,000 and it was subsequently put on the market. In anticipation of a quick sale the client purchased two properties. However the house was overvalued and after a long delay was sold for a substantially lower price. A claim was brought for the cost of bridging finance and other expenses incurred as a result.
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£30,000 |
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The Insured failed to advise a client of the full effect of the Rent Acts.
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£30,000 |
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It is alleged that the Insured included a garage and other outbuildings in the description of a property by mistake. The purchasers claim that, as a result, an excessive amount has been paid for the property.
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£30,000 |
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A rental agreement was drawn up by the Insured, on the expiry of which the tenant refused to leave claiming an Agricultural Tenancy. The freeholder claimed for the reduction in the value of the land due to being unable to sell as vacant possession.
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£25,000 |
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The Insured was managing a client’s property and replaced the clay roof tiles with concrete tiles. As the property was a Listed Building planning permission should have been obtained. The local authority subsequently required the clay tiles to be refitted.
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£20,000 |
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It was alleged that a property sold by the Insured to a relative of an employee was grossly undervalued.
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£17,500 |
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The sales particulars of a property were incorrect. The purchaser sued the vendor and the vendor then sued the Insured.
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£15,000 |
Ensure that these claims don't happen to you and your company, please contact us now and we will be happy to advise you on a professional indemnity policy that is tailored specifically for your needs. |
| We can be contacted by telephone on 01420 594242, or by filling in our On-line Form. |
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Headley
Insurance Services Limited is authorised and regulated by
the Financial Services Authority in respect of general insurance
business.
| Headley Insurance Services Ltd, William Curtis House, Lenten
Street, Alton, Hants GU34 1HH |
| Offices also at: 1551 Wimborne Road, Kinson, Bournemouth
BH10 7AZ | |
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