Insurance - settlement agents

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Property industry

The Settlement Agents Act 1981 gives the Commissioner the power to make arrangements in respect of fidelity and professional indemnity insurance for settlement agents operating in Western Australia. Where the Commissioner considers it necessary, a Master Policy Agreement with an insurer can be entered into. Where a Master Policy is in place, licensees are required to be insured at all times while they are the holder of a current triennial certificate.

If a person is the holder of a licence and triennial certificate for the purpose of acting in the capacity of licensed director, person in bona fide control or an employee of an agency the Commissioner may waive the requirement for them to hold separate insurance policies in accordance with section 35(8) of the Act.

At present, Jardine Lloyd Thompson have been appointed as the brokers of the Master Policy Agreement for settlement agents

To discuss your individual insurance requirements, please contact Jardine Lloyd Thompson’s Perth office on (08) 9426 0444. For more information, please view the article on page 2 of the Settlement Agents News Issue 8 (December 2013 edition).

Consumer Protection maintains a separate Fidelity Guarantee Account which helps provide financial reimbursement to people who suffer pecuniary loss or loss of property through the criminal or fraudulent actions of a licensed real estate settlement or business settlement agent or their employees in the course of a real estate settlement transaction.

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