Industries / Property and real estate
Property and real estate: the covers businesses usually need
Real estate agents, property managers, strata managers and valuers handle other people’s property, money and decisions about both. Their claims are mostly about advice, valuations and money held on trust.
What can go wrong
The exposures that drive claims in property and real estate.
Advice and representations
A buyer says the agent misdescribed a property, or a landlord says the property manager chose a tenant without proper checks.
Valuations
A lender relies on a valuation that turns out to be too high, and claims the shortfall when the loan goes bad.
Trust money and payment fraud
Deposits and rent pass through trust accounts. A fake email changing bank details can send a deposit to a fraudster.
Inspections and open homes
Visitors are injured at an open home or during an inspection.
NoteAgents are licensed by each state, and some state rules and industry bodies require professional indemnity insurance. Check the requirement for the licence held.
Covers the lookup lists
What the industry lookup lists for typical businesses in this industry.
These are the results of the Cuttleflow industry lookup (release exp-0.7.0) for the businesses below, before any questions are answered. Answers about staff, vehicles, premises, contracts and the state change the list. Covers the lookup lists only as “consider” are left out here. Every class on the Commons wordings is available on Cuttleflow Go; “On Cuttleflow Go” links to the class. A Marketplace class is also placed by brokers through the Cuttleflow Marketplace.
- Real estate agents · APRA EREAGT Real Estate Agency - Domestic
- Property managers · APRA EREAPM Property Management Services
- Strata managers · APRA ESTMGR Strata Title Management
- Valuers · APRA FVALUR Valuer - Real Estate
| Cover | Lookup tier | Where it is written | Listed for | Why it is listed |
|---|---|---|---|---|
| Workers compensation | Must have Compulsory where it applies | Statutory scheme (depends on state) | All of these businesses | Employers must hold workers compensation cover in every state and territory, apart from limited wage-based exemptions. Depends on: how many employees does the business have, not counting owners. |
| General liability | Recommended | On Cuttleflow Go | All of these businesses | Almost every business deals with customers, visitors or other people's property, so it can be held liable for injury or damage. |
| Professional indemnity | Recommended | On Cuttleflow Go | All of these businesses | This occupation gives advice or a professional service that clients rely on, so an error can cause them financial loss. |
| Business package | Recommended | On Cuttleflow Go · Marketplace class | All of these businesses | The business has premises, stock or equipment that fire, storm, theft or water damage could destroy, and it would lose income while it rebuilds. Depends on: does the business have premises, stock or equipment at a fixed site. |
| Commercial motor | Recommended | On Cuttleflow Go · Marketplace class | All of these businesses | The business owns or leases fewer than ten vehicles used for work. Depends on: how many vehicles does the business own or lease for work; does the business own or lease vehicles used for work. |
| Motor fleet | Recommended | On Cuttleflow Go · Marketplace class | All of these businesses | Ten or more vehicles can be insured as a fleet, priced partly on the fleet's own claims record. Depends on: how many vehicles does the business own or lease for work. |
| Management liability | Recommended | On Cuttleflow Go · Marketplace class | All of these businesses | Claims against the company and its directors and managers, employment claims, some fines and penalties, and employee theft. |
Classes on the Commons wordings
Classes for this industry on Cuttleflow Go.
Professional indemnity
See the class →
On Cuttleflow GoPublic and products liability
See the class →
On Cuttleflow GoManagement liability
See the class →
On Cuttleflow GoCyber
See the class →
On Cuttleflow GoComprehensive crime
See the class →
On Cuttleflow GoStrata
See the class →
On Cuttleflow GoLandlords
See the class →
Brokers
Win clients in property and real estate
Put the industry lookup and an indicative price on your own channels, and take leads from the public marketplace when it opens. Place every risk once, with every market in the class, on the same wording.
Underwriting agencies
Write this business on Cuttleflow Go
Your own rates and rules on the Commons wordings, quoted to your brokers from day one and to Marketplace brokers when the class opens.
General information. This page is not advice about any business and does not recommend any insurer or product. The lookup’s rules are a first draft and have not yet been reviewed by an underwriter or a lawyer. Check each cover against the circumstances and the policy wording, and check compulsory insurance with the regulator in the relevant state. Industry classes: Australian Bureau of Statistics, ANZSIC 2006 (cat. no. 1292.0), © Commonwealth of Australia. Professional occupations: APRA National Claims and Policies Database.
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