Professional Indemnity Insurance
Professional Indemnity Insurance provides protection for clients in the event of legal liability arising from any errors or omissions that may inadvertently be made by a conveyancing firm or practitioner in the course of their business.
In accordance with Part 6 Lawyers and Conveyancers Act (Conveyancers: Registration and Practice) Regulations 2008 all Conveyancing Practitioners and incorporated conveyancing firms must hold professional indemnity insurance, in respect of anything done or omitted by the practice in its professional capacity, to the minimum cover amount of $1,000,000.00. A master professional indemnity insurance policy is available through the NZSOC for conveyancing members.
Accordingly, clients can instruct conveyancers with the knowledge that as clients they are covered through a Professional Indemnity Insurance policy as set out above.