Insurables — Australian business risk, sourced and dated

Real estate agents: public liability requirements in New South Wales

Cover for legal liability to third parties for personal injury or property damage arising from business activities.

Data as at

Verified for New South Wales

  • Licence liability condition: Yes, and in the strongest possible terms. Section 22 of the Property and Stock Agents Act 2002 (NSW) provides that "it is a condition of every licence that the holder be insured under a policy of professional indemnity insurance". Every licence, not some. The minimum cover levels and policy terms are set by regulation and an information sheet published by NSW Fair Trading; those figures are not reproduced here because they were not verified against the primary document, and a wrong minimum is worse than no figure. NSW · effective 2003-09-01 NSW Fair Trading · 2026-08-24
  • Licence evidence required: At licence application and at renewal, as a certificate of currency in the licence holder's name or in their employer's name. Because the cover is a condition of the licence rather than a one-off application document, a lapse during the licence period is a compliance problem and not merely an administrative one. NSW · effective 2003-09-01 NSW Fair Trading · 2026-08-24
  • Licensing body: NSW Fair Trading, under the Property and Stock Agents Act 2002 (NSW). Real estate agent licences are issued in two classes, class 1 and class 2, and the same Act covers stock and station agents and strata managing agents. NSW · effective 2003-09-01 NSW Fair Trading · 2026-08-24

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