Professional Indemnity Insurance for real estate agents and agencies in Malaysia helps protect against legal liability arising from actual or alleged negligent acts, errors or omissions in the course of providing professional services. Subject to the policy terms, conditions and exclusions, coverage may include damages and defence costs arising from covered claims.
VL Capital assists real estate agencies in Malaysia in arranging Professional Indemnity Insurance quotations with Allianz General Insurance Company (Malaysia) Berhad, subject to underwriting approval.
Professional Indemnity Insurance for Real Estate Agents: Why It Matters
Real estate agencies provide professional services involving property transactions, advice and information that may carry significant financial consequences for clients. If an agency is alleged to have made a professional error, omission or negligent act in the course of providing those services, it may face a claim for financial loss.
Professional Indemnity Insurance is designed to respond to covered claims arising from professional negligence, subject to the policy terms, conditions, exclusions and applicable limit of indemnity.
What Does Professional Indemnity Insurance Cover?
Allianz Professional Indemnity Insurance provides indemnity for legal liability arising from an actual or alleged negligent act, error or omission committed in the course of the insured profession. The policy may also provide indemnity for defence costs and damages, subject to the policy terms, conditions, exclusions and limit of indemnity.
Depending on the risk and underwriting terms, additional coverage may also be available for areas such as loss of documents, dishonesty of employees, consultants, sub-contractors and agents, intellectual property, incoming and outgoing partners and run-off cover. Additional premium and underwriting approval may apply.
Important Policy Features to Understand
Allianz Professional Indemnity Insurance is written on a claims-made basis. This means that the timing of when a claim is first made against the insured is important when determining whether the policy may respond.
A Retroactive Date may also apply. Where a retroactive date is stated in the policy schedule, claims arising from acts, errors or omissions committed before that date are not covered.
Real estate agencies should also disclose their claims experience and any relevant circumstances during the application or renewal process. Allianz’s Product Disclosure Sheet lists known circumstances or incidents among the major exclusions.
Information Required for a PII Quotation
To obtain Professional Indemnity Insurance terms, Allianz will normally require information about the real estate agency, its professional activities and its claims history. The exact information required will depend on the nature and size of the risk.
- Name of the real estate agency or company
- Nature of professional services provided
- Number of principals, registered estate agents and relevant personnel
- Estimated annual gross fees or turnover
- Required limit of indemnity
- Preferred deductible, where applicable
- Previous Professional Indemnity Insurance details
- Claims or circumstances history
- Any additional information required by the underwriter
VL Capital can assist in reviewing the information required and submitting the proposal to Allianz General Insurance Company (Malaysia) Berhad for underwriting consideration.
Arranging Professional Indemnity Insurance Through VL Capital
VL Capital assists real estate agencies in reviewing their Professional Indemnity Insurance requirements and arranging quotations with Allianz General Insurance Company (Malaysia) Berhad.
We can assist with the quotation process, including identifying the information required for underwriting, reviewing the requested limit of indemnity and liaising with the insurer where further information is required.
VL Capital also provides Professional Indemnity Insurance solutions for legal firms. See our Professional Indemnity Insurance for Law Firms in Malaysia guide for more information.
Request a PII Quotation
If your real estate agency is reviewing its Professional Indemnity Insurance or requires a new quotation, please contact VL Capital for further information.
Vince Le
VL Capital
Email: vince@vlcapital.com.my
Coverage is subject to Allianz General Insurance Company (Malaysia) Berhad’s underwriting acceptance and the applicable policy terms, conditions, exclusions and limits. The information on this page is intended as a general guide and does not constitute the policy contract.