Professional Indemnity Insurance Master Policy - Settlement industry bulletin issue 47

This publication is for: 
Licence holdersProperty industry

7 November 2014

The Settlement Agents Act 1981 gives the Commissioner for Consumer Protection 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, the Commissioner can appoint an insurer and enter into a Master Policy Agreement.

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.
In 2012, the Commissioner called upon submissions through a tender process for potential insurers to provide such a policy. From a competitive field, the Commissioner appointed broker, Jardine Lloyd Thompson (JLT) for a period of five years.

JLT has renegotiated with Vero Insurance Ltd to provide the Settlement Agents’ Professional Indemnity Master Policy for the period from 1 November 2014 to 31 October 2015.

New agents, or those recommencing trade having previously ceased, must approach JLT to obtain the relevant insurance. You can contact JLT’s Perth office on (08) 9426 0444 to discuss your individual insurance requirements.

To submit a claim, please contact Vero Claims either via:

An updated version of the Master Policy for settlement agents’ Professional Indemnity and Fidelity Insurance was published in the Government Gazette on 7 October 2014 and is available on the State Law Publisher’s website.

For further enquiries about the insurance requirements are available from the settelment agents licensing section or contact the Licensing Branch email or on 1300 30 40 64. 

Updated Master Policy

The policy is updated yearly and pulished in the State Law Publisher's Government Gazzette. You can search the terms "settlement agents master policy" for a list current and previous policies.  

The 2015/2016 master policy is the current as at this update.  

Consumer Protection
Last updated 21 Apr 2016

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