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REIQ Journal : June 2008
INDUSTRY NEWS likely that legal expenses will consume a significant share of the insurance funds available. In this event, it is unlikely there will be sufficient funds to settle the claim or meet a court judgment. Another issue to consider when choosing limits of liability are potential claims related to personal injury. Notwithstanding civil liability reforms made in all Australian States, there have been extremely large judgments handed down to tenants and visitors who have been injured on rental premises. In a recent example in Queensland, a tenant was injured when she tripped on a patch of worn and damaged carpet in the hallway of her rental property. She issued proceedings against the landlord and was awarded over $1.2 million. The original claim included the property manager; however, due to excellent record keeping the agent was able to demonstrate to the Court that they had passed maintenance requests on to the landlord who chose to ignore them. Peter Lynch, Aon Risk Services Unfortunately, not all claims for bodily injury have this positive result for the agency and the circumstances of each claim can vary dramatically and may leave the agent exposed. In the above example if the agent had failed to retain clear and precise records the result could have been much different. Therefore, we strongly urge agents to consider whether their professional indemnity insurance limits of liability are sufficient to protect them in the event of a claim. Should you require guidance on issues to consider when determining your limits, please seek advice from your broker. 9 Boost your listings and drown out your opposition with Splash Displays. Catch the listings wave with the web @ your window Our LCD screens are linked to the web providing impressive moving property presentations of your current listings. Our Displays offer these advantages: • Instant attention grabbers • Cutting Edge Technology • Always up to date. The power of the internet can now be placed right there in your front window. call 1300 554 707 or visit splashdisplays.com.au REIQ Journal June 2008 SPL16600