A Snapshot of Services We Assist
- Residential Sales (existing)
- Residential Sales (off the plan – not house & land packages)
- Residential Sales (off the plan – house & land packages)
- Commercial Sales (existing)
- Commercial Sales (off the plan)
- Residential Property Management
- Commercial Property Management (not shopping centres)
- Shopping Centres Property Management
- Business Broking
- Mortgage Broking
- Mortgage Originator (i.e. delegated authority from a lending institution)
- Valuations
- Auctioneering
- Insurance
Real Estate Exposures and Risks
Professional Indemnity
The insured’s professional liability exposure varies depending on the nature of the services provided and type of clientele that they service. Real estate service providers are in the business of providing information and making recommendations to clients in the course of effecting Real Estate Sales, Mortgage Broking, Mortgage Origination, Property Management, Body Corporate/Strata Title Management etc. All of these activities may give rise to claims for breaches in professional duty. In addition to a direct action, if a liability claim is made against a seller, the real estate service provider and salespersons involved may be joined in the action; or the seller may sue the real estate service provider in respect of the matter. Valuations in particular give rise to potentially serious exposures. Some of the more common sources of claims include:
- Breach of professional duty of care e.g. valuations, checks on tenants;
- Wrongful advice in relation to property investments;
- Negligent acts, errors or omissions e.g. in advertising, residential or lease contracts;
- Loss of documents or data entrusted to the insured;
- Unintentional breach of confidence, privacy legislation or misuse of information;
- Unintentional breaches of the Trade Practices Act or specific property/real estate legislation and/or
- Breaches of Data Protection/Privacy legislation.
Cyber Risks
- Businesses are becoming more and more dependent on digital technology/integrated IT systems;
- Security/privacy breach – holding large volumes of sensitive personal and corporate data (rental applications, credit reports, credit/debit card details etc.);
- Security/privacy breach – loss of portable equipment (laptop, tablets etc.) containing unencrypted personal information;
- External hacking attacks, internal negligence, deliberate acts, system glitches etc.;
- Electronic data/software loss and replacement cost following a cyber-attack;
- Electronic media liability – including invasion of privacy, infringement of copyright, title, slogan, trademark or service names including domain names, false advertising etc.;
- Privacy breach – accidental distribution of customers personal information in a mass e-mail; posts sensitive data on a website;
- Business interruption/increased in cost of working following a cyber-attack;
- Businesses held to ransom before systems are released;
- Cyber-threat from interconnected supply chain business partners/outsourced service providers;
- Internal control and other issues – e.g. non-segregation of sensitive data, inadequate user access control/password protection, outdated POS software applications, absence of up to date antivirus software/firewalls, unencrypted data/information/lack of end-to-end encryption;
- Possible presence of older devices/computer systems with outdated operating systems and unsupported software;
- Inadequate training for employees on data security/privacy/cyber risk. No or inadequate background checks conducted on employees/various service providers/suppliers etc.;
- Compliance and control issues – Businesses without or inadequate policies, procedures and protocols on cyber security and related matters (if applicable);
- Bring your own devices (BYOD), download and install personal, or unauthorised software, use of USB or other media devices;
- Extra expenses following a cyber incident including forensic investigation costs, crisis management expenses, notification and monitoring expenses, remediation expenses and other extra expenses association with a loss;
- Brand and reputational damage following a cyber-attack/data breach;
- Security lapses in company web-sites – cyber threat to own hardware and software. Cyber threat to visitors of the website;
- Lack of security measures including a combination of technology (e.g. IT security) and physical security at the premises;
Why Hunter Broking Group?
Real Estate Insurance Broker Brisbane:
Hunter Broking Group can assist with Real Estate insurance. Through industry specific insurers, your designated advisor has access to a comprehensive range of insurance products that be tailored to suit most.
Hunter Broking Group pride themselves on having a local presence with a national strength, our technical product experience allows us to manage and service Real Estate insurance products such as:
- Professional Indemnity Insurance
- Public Liability
- Management Liability Insurance
- Cyber Insurance
- Crime
- Motor
- Business Interruption
