Hip providers 'must have Professional Indemnity insurance in place' - PI for estate agents

14/04/2009

The issue of Professional Indemnity (PI) insurance should be an important consideration for those selling a home and their estate agents.

Such is the assertion of the Association of Home Information Pack Providers (AHIPP), which urges those people looking to sell a home to take the time to make sure that their estate agent works alongside a home information pack (Hip) provider that subscribes to the Hip code of conduct.

By doing so, Mike Ockenden, director general of AHIPP, points out that providers will be required to have a formal written complaints procedure in place to ensure that disputes can be resolved quickly and fairly.

"The HIP Code sets out minimum standards of compliance and transparency and ensures stringent regulation and redress for all those who obtain their Hips through a registered provider," he states.

Mr Ockenden adds that providers must have PI insurance in place to guard both estate agents and consumers against negligence and any losses incurred in the event of a failure to meet the duties laid out in the code.

Earlier this month, Timothy Goodger and Rebecca Wright wrote in an article for Mondaq that Hips could be an increasing source of PI claims as the issue of responsibility regarding those involved in the publication or production of such documents is increasingly analysed.

Click here for more information about Professional Indemnity for mortgage brokers.

Click here for more information about Professional Indemnity in general.

PYV are one of the UK's leading providers of professional indemnity insurance. This news article has been produced by Adfero in collaboration with PYV and its unauthorised use is not permitted.

(c) 2009 Adfero Ltd.

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