Estate agencies need Professional Indemnity insurance to renew accreditation
By Sharon See | Posted: 16 March 2010 2302 hrs
SINGAPORE: From April 1, estate agencies must have a valid Professional Indemnity (PI) insurance to renew their accreditation status with the Singapore Accredited Estate Agencies (SAEA).
The SAEA recommends a minimum limit of indemnity of S$500,000.
SAEA said the move is designed to strengthen consumer confidence in estate agents who are believed to handle eight out of 10 real estate transactions.
Having a Professional Indemnity insurance is akin to good risk management for estate agencies, said SAEA, adding that the insurance also offers consumer some protection in case of dispute.
More details are expected at a seminar co-organised by SAEA and two other insurance companies on March 25. - CNA/vm
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To know more how this is really work for you and your clients....
Please contact me Terence Tay @ (+65) 9387-5896 or email : terencetay.kh@gmail.com
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