The Settlement Agents Act 1981 gives the Commissioner the power to make arrangements in respect of fidelity and professional indemnity insurance for settlement agents operating in Western Australia. Where the Commissioner considers it necessary, a Master Policy Agreement with an insurer can be entered into. In accordance with section 35 of the Act, each triennial certificate holder that will be trading in their own right or acting as the person in bona fide control or branch manager of a licensed settlement agency, must at all times be insured and hold a current certificate of insurance under the Commissioner’s Master Policy Agreement.

At present, Marsh Advantage Insurance have been appointed as the brokers of the Master Policy Agreement for settlement agents. 

To discuss your individual insurance requirements, please email Marsh Insurance Brokers at kylie.zoghbi@marsh.com or delene.kemp@marsh.com.  

Consumer Protection maintains a separate Fidelity Guarantee Account which helps provide financial reimbursement to people who suffer pecuniary loss or loss of property through the criminal or fraudulent actions of a licensed real estate settlement or business settlement agent or their employees in the course of a real estate settlement transaction.