The Property Ombudsman Endorsement
If you require the The Property Ombudsman Policy added to your existing Professional Indemnity Insurance Policy please see the wording of the Endorsement as outlined below:
Schedule of Cover
Limit of Indemnity To be not less than £100,000
Description Rating Basis, Surveyors/Estate Agents – Estate Agency work
Memorandum L1391 Estate Agents Ombudsman Endorsement
This policy is extended to indemnify the Insured against liability to meet any award determined by the Ombudsman as appointed by The Property Ombudsman Limited arising from claims made against the Insured during the Period of Insurance subject to the Ombudsman operating within the Ombudsman’s Terms of Reference
The Company shall not be liable in respect of:
- a) any award made in respect of sexual discrimination
- b) any award made in respect of racial discrimination
- c) any dispute over professional fees
- d) the first £1,000 of each and every claim
- e) any award made in respect of a non-estate agency matter
The liability of the Company shall not exceed £25,000 for any one award which shall be inclusive of and not in addition to the total limit of Indemnity shown in the schedule of the Policy from time to time in force. Where a series of awards are attributable to one source of original cause the maximum amount payable under this insurance shall not exceed £25,000 in total.
Subject otherwise to the terms limits conditions and exceptions of this Policy.