In the property services industry, the increase level of safety and security risks across properties for sale, rental properties and strata buildings is making the task of managing these risks increasingly difficult, if not impossible to achieve with traditional paper – based or spreadsheet risk solutions. The property industry can no longer rely on an ad hoc approach to property management compliance - nor rely on the insurance policy to get out of an undesired situation. More importantly, one of the requirements for a Professional Indemnity Policy under the NSW Property and Stock Agents Regulation 2022, is that it must provide coverage for personal injury that arises in the conduct of an agency business. However, if the appropriate risk procedures are not in place to receive this coverage, the policy will not be compliant with the regulation and your insurer will not be liable to make any payment based upon, or attributable to any bodily injury and/or property damage claim.
