Are they covered by professional indemnity insurance?
Cover by professional indemnity insurance is a pre-requisite to obtaining authorisation to be an estate agent. The nature of the insurance will depend upon whether the estate agent deals solely with real estate transactions or also becomes involved in management (rental e.t.c.). It is this insurance which will compensate an individual in the event that the estate agent has been negligent or otherwise not complied with his or her professional obligations. A commercial agent will be covered by the estate agents professional indemnity insurance. Additional insurance cover is required where the agent is able to act as an escrow (squestre) and hold clients money. How can the status of an estate agent be checked? You are entitled to see proof of their registration as an estate agent and their insurance cover (this should in any event be displayed on the premises). If you have doubts about the validity of an agents registration you can contact the local prefects office (prfecture), chamber of
