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Agents' insurer comes onshore
REINSW President Steve Martin welcomed the move saying "RealCover is now well established having operated from New Zealand for over four years and it is another important step in its growth to now be domiciled in Australia. This will give added comfort to agents and property consumers."
RealCover was born in the aftermath of the HIH collapse and provides cover to agents and comfort to their clients in cases of negligence by the agent. It is the largest insurer of agents in NSW for professional indemnity.
The involvement of RealCover in the market has seen average premiums halve since the huge hike after the collapse of HIH. RealCover's Chairman John Hill sees this as only one of the achievements of the venture.
"RealCover has greatly changed the way claims against agents are handled. The availability of real-time claims experience has also been an important risk management tool for the whole industry.
"That data is used promptly in training by REINSW to reduce the areas of exposure for agents and their clients. Finally, profits generated stay in the industry."
RealCover Insurances Pty Ltd commenced operations in Australia on 1 January 2009, at which point the overseas business was rolled into the Australian entity.
"Now, more than ever, real estate agents should review their insurance requirements and ensure that they hold appropriate over to protect themselves and their business," said Mr Hill.
Please direct media enquiries to Julian Brophy on 0408 276 749.
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