FIRMS registered with the Singapore Accredited Estate Agencies (SAEA) will need to have professional indemnity insurance before they can renew their accreditation. A minimum limit of indemnity of $500,000 is recommended under the new rule that comes into effect on April 1. The move by the SAEA is to make consumers more confident when they engage estate agents. All commission agreements and exclusive...
Professional Indemnity
From April 1, estate agencies must have a valid Professional Indemnity (PI) insurance to renew their accreditation status with the Singapore Accredited Estate Agencies (SAEA). The SAEA recommends a minimum limit of indemnity of S$500,000. SAEA said the move is designed to strengthen consumer confidence in estate agents who are believed to handle eight out of 10 real estate transactions. Having a...