Crucial Insurance for Letting Agents

by Tony on 22/12/2010 in Professional Indemnity Insurance

Professional Indemnity insurers are envisaging a substantial increase in claims being made against Lettings Agents directly by tenants or indirectly by Landlords.  They expect to see a further increase in claims because on 1 October 2010, the rental income threshold was increased from £25,000 to £100,000 per annum thereby catching a significantly larger number of tenancies which are now required to comply with the provisions of the Housing Act 2004 and an authorised Tenancy Deposit Scheme.

Failure to secure a deposit with a recognised scheme for a tenancy with a rental value of up to £100,000 per annum will result in a significant penalty (tens of thousands of pounds) being awarded against the Landlord of the Agent.  The tenant is also likely to be awarded legal costs.

For further information about professional indemnity cover for letting agents contact Tony Gibbs on 0118 9452944 or complete one of our quick enquiry forms

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