Level of Cover

​The Property Agents Board has determined that the level of Professional Indemnity Insurance Cover for real estate agents and property managers is $500,000 and for general auctioneers is $250,000.

Property Agents that conduct business must have professional indemnity insurance that indemnifies the property agent against any liability that the property may incur during his or her business as a property agent.
 
The insurance cover must cover claims by clients and people who are not clients of the property agent and claims arising from any act, default, omission, neglect or defalcation by the property agent and by any person employed by or acting on behalf of the property agent.