Insurables — Australian business risk, sourced and dated

Conveyancers: professional indemnity requirements in Northern Territory

Cover for legal liability arising from professional advice or services, written on a claims-made basis.

Data as at

Verified for Northern Territory

  • Licence liability condition: Yes, and there are two separate financial protections rather than one. Section 108B(1) provides that an agent must not carry on business as an agent unless the agent is insured under an approved indemnity insurance policy, and section 22(1)(d) makes it a condition of the grant that the Board be satisfied the applicant will be so insured for the whole period of the licence. The policy has to be one the Board has approved under section 108C. Separately, section 106(1) requires every licensed agent to pay an annual contribution to the Agents Licensing Fidelity Guarantee Fund, with a further contribution for each agent's representative employed. Section 108E confirms the two do not displace each other — the professional indemnity policy does not derogate from claims on the Fund. NT · effective 2026-08-25 Northern Territory Government · 2026-08-25
  • Licence evidence required: The Board has to be satisfied at grant. Renewal is lighter than you might expect: section 32(2) asks only for the form, the fee and the licence period, and the Registrar must renew unless there is a fit and proper concern, so there is no express re-evidencing of the policy at renewal. That does not make lapse safe. Carrying on business uninsured is a continuing offence under section 108B, and failing to take out or maintain the insurance is an express disciplinary ground under section 67(1)(ja). NT · effective 2026-08-25 Northern Territory Government · 2026-08-25
  • Licensing body: The Agents Licensing Board of the Northern Territory licenses conveyancing agents under the Agents Licensing Act 1979. Section 17(1) provides that a person, company or firm must not carry on business, or hold themselves out, as a real estate agent, business agent or conveyancing agent unless licensed as such. A conveyancing agent also needs a further endorsement on the licence to perform the conveyancing services listed in section 31A(1). NT · effective 2026-08-25 Northern Territory Government · 2026-08-25

What contracts commonly ask for

Principals and head contractors set their own insurance requirements, and those are frequently higher than a licence condition. The requirement that binds is the higher of the two, and both have to be read from the actual document.

What this cover costs

This site publishes no cost benchmark for this cover. A benchmark needs a real sample of documents, and none is published until the sample is large enough to compute a median honestly. A benchmark from a handful of policies is a guess with a decimal point.

Sources