Top Items You Should Be Checking On Your PI Insurance Policy

Insurance-Desk Services have provided NAPSA with the top items sourcing agents and investors should be checking on PI insurance policies

  • General
  • Investors
  • Property Sourcing
Top Items You Should Be Checking On Your PI Insurance Policy

Getting the right insurance for your sourcing or deal packaging business is essential to protect not only yourself but also your investor, should something unexpected happen. This is why it’s critical to chat to experts who can understand exactly what your business does and offers, to make sure you have the right level of Professional Indemnity (PI) cover in place.

It’s also important for investors to understand what to look for on your property sourcer’s policy, after all – if your sourcer doesn’t have the right cover in place and something happens on site – you could be liable to pay the cost.

We spoke to Insurance-Desk Services, expert insurance providers and understand our sector, to find out exactly the sort of items sourcers – and investors – should be checking on policies.

Property Sourcing Agents & Deal Packagers

1. Check the Claim Basis

Is this Any One Claim or Aggregate?

2. Indemnity Limit

Is this enough to cover your maximum potential loss?

3. Business Activities

Are these listed correctly on your policy?

4. Is there a retroactive date or does it cover your business from day one?

In many cases, claims can be made up to 6 years after the event.

5. Is there additional cover for Property Redress Scheme awards?

Financial award can be made by either redress scheme where a complaint is upheld.

Should a complaint be made to your redress scheme against you by a client and the redress scheme decides that there were failures on your part, a financial award can b made against you to pay to the client.

6. Make sure the renewal date hasn’t passed and don’t let cover lapse

Professional Indemnity (PI) policies are written on a claims made basis. This means that it provides indemnity for claims notified to the insurer within the policy period. In many occasions claims can be brought up to 6 years after the event but it’s the insurer at the time the claim is made that will provide cover.

Once a policy has expired no further claims can be notified, even if they happened in the past but not yet notified. This is why it is important to avoid gaps in cover or look for run-off cover if you are winding down or selling your business.

Insurance-Desk Services – NAPSA’s Trusted Insurance Partner

“Covering your business is so important.  It can be a lifeline if you do suffer a claim.”

Professional Indemnity cover can often be complex so ensuring you have the right cover is not easy.  Working with NAPSA is a great opportunity for us to help as many Property Sourcing agents insure correctly.  We also understand the property industry so can recommend other products that can help protect your business.

Having the correct cover also ensures you have support if things do go wrong.  Defence costs in respect of a claim can alone amount to a sizeable sum.  Having a professional in your corner can alleviate time, stress and funds, allowing you to continue your focus on your business.”

John Cox, Founder, Insurance-Desk Services

Property Investors: Make Sure You Check Your Sourcer’s PI Cover

As an investor, the key to protecting yourself is in your hands. Don’t just rely on a property sourcing agent or deal packager saying they have suitable PI insurance.

If you don’t make sure their policy covers all the services they are offering you – such as property sourcing or refurbishment management – you could be liable should something go wrong.

We have created this guide to help you when searching for a property sourcing agent. This can also be used if you have a sourcer you’re working with already. There’s no time like the present to check!

Who Are Insurance-Desk Services?

Insurance-Desk Services are an independent insurance broker specialising in a wide variety of commercial insurance products.  

For over 15 years, they have been providing professional advice, excellent service and competitive premiums to property sourcing agents and deal packers. As a bonus, Insurance-Desk’s owner, has experience property sourcing and so understands the requirements, risks and role of sourcing in the property industry.

NAPSA Members can obtain up to 20% exclusive discount on insurance – Find out more below on how to get a quote.

NAPSA Members: Get a Discounted Insurance Quote

Non-Members: Get An Insurance Quote

Want to find out more about Insurance-Desk Services? You can visit their NAPSA Partner page to get a quote, or visit their website directly at