A second stand-alone insurance scheme has launched for agents who do not belong to one of the recognised bodies such as ARLA, NAEA, RICS or NALS.
However, it is only available to members of one of the ombudsman schemes, TPO.
It combines both Professional Indemnity insurance and Client Money Protection, with agents being able to choose either PI in isolation, or both PI and CMP.
TPO requires all its agents to have PI insurance, but while it recommends CMP, this is not compulsory.
PI + CMP is being launched by a firm called PSR Insurance Brokers hot on the heels of a product from CM Protect, which offers CMP only.
Until now, CMP has only been available via membership of a professional body such as ARLA, RICS or NALS.
Both launches come ahead of the implementation of new rules that make it mandatory for letting agents to belong to a government approved redress scheme.
There is speculation that it will not be long before CMP becomes a minimum requirement for all letting agents.
http://psrib.com/chartered-surveyors-property-professionals/
http://www.cmprotect.co.uk/
Comments