You must be covered by professional indemnity insurance if you carry on a conveyancing business:
- through a company
- as a sole trader
- in partnership with other licensed conveyancers (each licensee in the partnership must take out their own cover).
If you are an employee only, you are covered by your employer's insurance.
Austbrokers Countrywide is the broker providing your conveyancers professional indemnity insurance.
You must arrange your conveyancers’ professional indemnity insurance through Austbrokers Countrywide if you are:
- applying for a licence to conduct a conveyancing business
- renewing your conveyancers’ professional indemnity insurance.
For more information, visit the Austbrokers Countrywide website or call 03 9835 1300.
Conveyancers must maintain a minimum of $2 million professional indemnity insurance at all times, as specified in the Ministerial Order by the Minister for Consumer Affairs.
Your conveyancers licence will be automatically suspended or cancelled if you are not covered by professional indemnity insurance.
You must notify the Business Licensing Authority immediately if your insurance lapses or is cancelled.
The Australian Institute of Conveyancers (Vic Division) manages the professional indemnity insurance policy in conjunction with Austbrokers Countrywide and also provides support and education to assist the conveyancing profession.
Where to next: