{"id":541,"date":"2023-05-19T06:25:32","date_gmt":"2023-05-19T06:25:32","guid":{"rendered":"https:\/\/spacemen.digital\/test\/?p=133"},"modified":"2023-05-19T06:25:32","modified_gmt":"2023-05-19T06:25:32","slug":"professional-indemnity-insurance","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/glossary\/professional-indemnity-insurance\/","title":{"rendered":"Professional Indemnity Insurance"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>What is Professional Indemnity Insurance (PII)?<\/strong><\/h2>\n\n\n\n<p>To protect estate agents and salespersons from legal liability for mistakes committed during professional services, they must purchase a professional indemnity insurance (PII) policy.&nbsp;<\/p>\n\n\n\n<p>Estate agents must ensure that both the entity and all salespersons have adequate coverage, and they can choose to purchase policies with higher coverage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are CEA\u2019s minimum Professional Indemnity Insurance (PII) policy requirements?<\/strong><\/h2>\n\n\n\n<p>The policy should cover mistakes made by real estate agents and salespersons, including all associated costs.&nbsp;<\/p>\n\n\n\n<p>The minimum indemnity limit varies based on the category of the entity. For example, Sole-Proprietorship with only 1 salesperson has a minimum indemnity limit of S$100,000, whereas an agency with more than 500 salespersons has an indemnity limit of S$1 million.&nbsp;<\/p>\n\n\n\n<p>The maximum deductible for each claim against the entity ranges from S$5,000 to S$20,000, while the maximum deductible for each claim against a salesperson is S$5,000.&nbsp;<\/p>\n\n\n\n<p>The Council for Estate Agencies (CEA) has published a complete chart on the minimum requirements for PII policies.&nbsp;<\/p>\n\n\n\n<p>Many insurance companies offer different types of PII packages. Estate agents and salespersons can purchase any PII policy that meets the minimum requirements from any insurance company in Singapore.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to get Professional Indemnity Insurance (PII)?<\/strong><\/h2>\n\n\n\n<p><a href=\"https:\/\/singcapital.com.sg\/professional-indemnity-insurance-schemes-pii\/\">SingCapital<\/a>, <a href=\"https:\/\/broker.bolttech.sg\/Products.html#Specialty\">bolttech Insurance Brokers Pte Ltd<\/a> and <a href=\"https:\/\/urldefense.com\/v3\/__https:\/landing.vibrance.live\/PII__;!!NIGBUM9j84KE1sg!jAVuHwCHFS8c3d045_WNEtXfFkRiQ8Zxzp5bSmysX-Bcf6g2VZ8vPpQxQjotXC06h6q9NrDUszW7eA-pkt6T9gKtUrhrDMsp$\">PIAS Vibrance Group<\/a> are the few approved brokers that real estate agents and salespeople may use to acquire their PII.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Professional Indemnity Insurance (PII)? To protect estate agents and salespersons from legal liability for mistakes committed during professional services, they must purchase a professional indemnity insurance (PII) policy.&nbsp; Estate agents must ensure that both the entity and all salespersons have adequate coverage, and they can choose to purchase policies with higher coverage. What&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[93],"tags":[],"class_list":{"2":"type-post","7":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.7 (Yoast SEO v25.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Professional Indemnity Insurance Definition, Understanding and Why Professional Indemnity Insurance is Important?<\/title>\n<meta name=\"description\" content=\"Professional Indemnity Insurance is an important term that helps you understand real estate industry better. 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