CPD COURSES

Castle Hill Commercial & Retail

LeasingWed 14th May

SydneySales or Prop Mgmt

Thu 22nd May

TareeSales & Prop Mgmt

Fri 23rd May

Batemans BaySales & Prop Mgmt

Mon 26th May

NewcastleSales & Prop Mgmt

Tue 27th May

Castle Hill Sales & Prop Mgmt

Thu 5th Jun

Raymond TerraceSales & Prop Mgmt

Wed 11th Jun

MudgeeStock & Station or

Sales & Prop MgmtFri 13th Jun

Australian College of Professionals, Level 2, St Andrew’s House, Sydney, 2000 www.acop.edu.au enquiries@acop.edu.au 1300 88 48 10

May 9, 2014

Professional Indemnity InsuranceAll of the trainers at the Australian College of Professionals have reported back that in almost every CPD workshop they have conducted over the past month, the topic of professional indemnity insurance has been raised as a question. We have written before in our College Chronicle about the regulation making it mandatory for agents to hold professional indemnity insurance, but this time, we write about a specific requirement for your insurance policy.

In almost every situation, this has been because the agency has been visited by investigators from NSW Fair Trading and one of the documents that they have requested to view is the agency’s policy for professional indemnity insurance.

It should be noted that under the Property, Stock and Business Agents Amendment (Professional Indemnity Insurance) Regulation 2012, that the new clause 13B of the regulation, which commenced on 1st January 2013, required licensed agents to hold professional indemnity insurance.

Now most agents knew about this, so why you ask has it become such a hot topic in CPD workshops. The reason is that a number of agencies have been directed to amend their insurance policies because they do not meet the requirements of the Regulation.

The requirement for mandatory professional indemnity insurance applies to all active licence holders under the Act. There are exemptions for licence holders who are not engaged actively in the property industry as an agent.

The big issue under question relates to the following clause:

“The regulation requires policies to provide a minimum level of indemnity coverage of not less than $1 million for any one claim; and not less than $3 million in the aggregate, for all claims made during the period of insurance. These indemnity amounts are inclusive of costs incurred or payable by the claimant, in connection with any claim”

www.acop.edu.au

CPD 2 HOUR

BREAKFAST SEMINARS

Full 12 points!!

Castle HillStrata

Mon 19th May

PenrithSales/Prop Mgmt

Fri 23rd May

ParramattaStrata

Thu 29th May

CampbelltownSales/Prop Mgmt

Thu 29th May

SydneySales/Prop Mgmt

Fri 6th Jun

SydneyStrata

Tue 10th Jun

WollongongSales/Prop Mgmt

Tue 24th Jun

BankstownSales/Prop Mgmt

Wed 25th Jun

GosfordSales/Prop Mgmt

Wed 25th Jun

The Regulation further states that the policy must also provide cover for civil liability (including for personal injury) that arise from the conduct of an agency business, including:

• Liability arising from acts or omissions of the licence holder (or their employees, agents or other persons) that constitute negligence, unintentional misleading or deceptive conduct, breach of professional duty, unintentional defamation, or unintentional interference with intellectual property rights

Remember that this requirement came into force on 1st January 2013 (17 months ago) and that your policy should address all of the requirements. Check your policy now and make sure that not only the above has been addressed, but that all of the commission-only contracted agents either hold their own insurance or are included into the agency’s policy.

It’s time to talk to your insurance broker.

Til next time, Wishing you every success in your business ventures,

Rosy Sullivan

Certificate IV in Finance & Mortgage Broking

Wednesday 14th - Friday 16th May

Diploma of Finance & Mortgage Broking Management (Upgrade Course)

Thursday 22nd - Friday 23rd May

CERTIFICATE OF REGISTRATION

COURSES

Sydney (Dist Ed + 2 day workshop)Sat 24th – Sun 25th May

Gosford(Dist Ed + 1 day workshop)

Wed 28th May

Castle HillMon 2nd – Wed 4th Jun

Mudgee(Dist Ed + 1 day workshop)

Thu 12th Jun

Sydney Mon 16th – Wed 18th Jun

Newcastle(Dist Ed + 1 day workshop)

Thu 26th Jun

Penrith(Dist Ed + 1 day workshop)

Fri 15th Aug

FINANCE AND MORTGAGE

BROKING COURSES

Cert IV in Finance & Mortgage Broking

SydneyWed 14th - Fri 16th May

Dip of Finance & Mort Broking Mgmt

Upgrade for existing Cert IV holders

SydneyThu 22nd - Fri 23rd May

The College has experienced a very busy few weeks, with our trainers running full courses in Melbourne, Byron Bay, Blue Mountains, Castle Hill, Northern Beaches, Liverpool and of course here in our offices in the Sydney CBD. The high demand in training also comes along with high demand of production of our materials, so the college has welcomed two more staff members, Elaine and Rhys, to work in the production and admin side of the college.

One of our Staff members, Megan Sullivan has taken off overseas for a 4 month holiday with her boyfriend Matt. Both soccer enthusiasts, they will attend the world cup in Brazil and are lucky enough to have tickets to seven games. The College went out to a beautiful dinner on Cockle Bay Warf to send off Megan and Matt in fine style. (We are also taking bets on whether or not they will come back engaged or not).

Last year at the Premier Auctioneers competition Rosy and John decided to bid on a corporate group getaway in the beautiful hills of Kurrajong for the College staff members. So the College is getting ready for a weekend away together along with Anthony Carroll from Yellow Sneakers to work on future goal setting, team building, business strategies and most importantly enjoying fine food and one or two drinks together. The money that Rosy and John put forward for this weekend was donated to the Westmead Medical Research Foundation, which is a Foundation very close to the College and we are more than proud to support this wonderful cause.

The college would like to wish all Mums out there a very safe and enjoyable Mother’s Day. May you be very, very spoilt by your families.

We know many of our young students come and complete our courses after their mothers have ‘’clipped them around the ear” and told them to get a qualification. So to all those mothers encouraging their children to train with the college, thank you.

Why not try online CPD for $99?

Is it Time You Upgraded to Your Licence?

ACoP runs a Fast Track program which, in conjunction with Recognition of Prior Learning (RPL) assessment, will enable you to complete your Real Estate Licence

qualification in 5 days with take home assessments.

We will also assist you with completion and submission of your licence application to NSW Fair Trading free of charge.

Free AssessmentSend us your resume & copies of any qualification transcripts you may have for a

free and confidential preliminary RPL assessment.

CPD

CPD

Online CPD now available for Real Estate Sales, Property Management,

Business Broking, Strata and Stock

and Station.

Business Broking Agency Practices Course

for existing Real Estate, Strata and

Stock & Station Licensees

Thursday 26th to Friday 27th June at Sydney CBD.

Ring 1300 88 48 10 to book!