Professional Indemnity Insurance
for Livestock & Property Agents
Clients rely on Livestock & Property Agents for information, representations and professional services throughout property and livestock transactions. RMA Insurance Brokers reviews Professional Indemnity around the work the business performs, with straightforward advice on the cover available.
Overview
Cover for the professional services clients rely on
Professional Indemnity Insurance is designed to respond to certain claims alleging negligence, errors, omissions or breaches of professional duty arising from professional services. Depending on the policy, it may also cover eligible defence and inquiry costs.
For Livestock & Property Agents, the insured professional services should reflect the work the business performs, including information and representations provided during property and livestock transactions. Professional Indemnity is commonly written on a claims-made and notified basis, so continuity and timely notification of known circumstances can be important.
Cover
What can it cover?
Common areas of cover to consider include:
Professional negligence, errors & omissions
Cover may respond to claims alleging negligence, errors or omissions in the provision of professional advice or services.
An allegation that professional work was incomplete, inaccurate or failed to meet the expected standard can create a claim even where the work was performed in good faith.
Livestock, property information & representations
Livestock & Property Agents may prepare, adopt or pass on information used during property and livestock transactions.
This can include livestock descriptions, weights, classifications, breeding or health information, vendor declarations, property information and other professional statements or representations.
A claim may arise where a client alleges that information was inaccurate, incomplete or misleading and that they suffered financial loss as a result. Policy response depends on the insured professional services and wording.
Work performed by staff & contractors
The business may be responsible for professional work carried out by employees and, depending on the arrangements and policy wording, contractors or consultants.
The insured professional services should accurately reflect the work being performed across the business and by people acting on its behalf.
Defence & inquiry costs
Professional claims can require legal representation and specialist response costs even where the allegation is ultimately unsuccessful.
Depending on the wording, cover may include eligible defence costs and certain inquiry or investigation costs connected with the insured professional services.
Insurer consent may be required before liability is admitted, a claim is settled or claim-related legal costs are incurred.
Selected professional liability extensions
Professional Indemnity wordings may include selected extensions depending on the insurer and the professional services insured.
These can include matters such as breach of confidentiality, defamation, loss of documents, certain privacy-related liabilities or other specified extensions.
These benefits should not be assumed to apply. Their availability, limits and exclusions vary between policies.
Review your cover
When the services or circumstances change, review your cover
Professional Indemnity should remain aligned with the work being performed and the information supplied to insurers. Three common review points are below.
Services & representations
Introducing new professional services, materially changing the information or representations provided to clients, or taking on larger or more complex transactions.
People, contracts & structure
Adding professional staff or contractors, changing the legal entity or ownership, or taking on new contractual, licensing or jurisdictional insurance requirements.
Claims & continuity
Becoming aware of a complaint, demand or circumstance that may lead to a claim, changing insurer, or making a structural change where retroactive cover or run-off may need consideration.
Broker support
Why RMA Insurance Brokers?
RMA Insurance Brokers works closely with Livestock & Property Agents and understands the professional responsibilities that come with this type of business. We review the insured professional services, entities, limits and continuity of cover rather than treating Professional Indemnity as a standard package.
We arrange the cover, manage updates and support you throughout the policy period. If a complaint or claim arises, we assist with notification, supporting information and communication with the insurer.
Review your professional indemnity insurance
If your Professional Indemnity Insurance has not been reviewed recently, RMA Insurance Brokers reviews the current arrangements and works through any changes needed.
The information on this page is general and does not take into account your objectives, financial situation or needs. Consider whether the information is appropriate for you. Cover is subject to the terms, conditions, limits and exclusions of the relevant policy. Insurance products and available cover vary between insurers. Review the relevant policy documentation before making a decision.