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Property Valuer Insurance

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Property valuer insurance

Property valuer commercial insurance NZ

Property valuer insurance is a specialized insurance package designed for professionals who assess the value of properties. It safeguards these professionals against potential legal claims arising due to errors, omissions, or other professional negligence in their line of work.

Why is property valuer insurance important? 

In the property valuation industry, a simple error or oversight can result in significant financial losses for clients. When discrepancies occur, clients might hold valuers liable. Property valuer insurance is essential as it provides a safety net against these financial liabilities, ensuring both the professional and their business can continue operations without bearing the brunt of potentially massive compensations.

In New Zealand, the average cost of property valuers insurance typically ranges between $150 – $300 per month. 

Property Valuer Insurance Gerrards

It’s crucial to have property valuers coverage if your business:

  • Offers professional valuation services
  • Handles client property data
  • Provides advisory on property value
  • Operates in a litigious environment

What insurance covers are typically included in property valuation insurance? 

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Property Valuers Professional Indemnity

Property valuation indemnity coverage protects valuation businesses from financial losses if they make mistakes or are accused of negligence while doing their job. 

Best For
  • Negligence claims 
  • Errors & Omissions 
  • Professional mistakes 
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Public Liability

This policy covers common property valuation business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection
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Statutory Liability

This cover is a type of protection that helps property valuers cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties
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Property Valuers Car Insurance

Protects cars used for property valuation services. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.

Best For
  • Repair costs
  • Third party damages
  • Injuries 
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Building Insurance

Building insurance in NZ is a type of coverage that helps pay for repairs or rebuilding if your building or commercial property gets damaged. 

Best For
  • Accidents 
  • Natural disasters
  • Fires
Business Contents Insurance Gerrards

Business Contents Insurance

Business contents insurance in NZ is for protecting all the important stuff inside a property valuation business. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires

How much does property valuers insurance cost?

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Property valuers insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Property valuation insurance in NZ typically costs between $150 to $300 per month.

Who needs property valuers insurance?

If you’re a professional engaged in determining the value of properties, whether residential, commercial, or land, you need property valuer insurance. This includes:

  • Independent property valuers
  • Real estate agencies offering valuation services
  • Property advisory firms
  • Property valuation consultants

Typically, policies can be arranged to include “retroactive coverage” for prior work. However, specifics vary, so it’s essential to discuss this with your insurer or broker.

Upon a claim being made, you should immediately notify your insurer. They will guide you through the necessary steps, which often include providing relevant documentation, participating in assessments, and, if necessary, legal proceedings. The insurer will then determine the validity of the claim and decide on compensation, defense, or other actions based on your policy’s terms.

How do I get a property valuers insurance quote? 

We understand the unique needs of property valuers in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive property valuation insurance quotes from the top insurers in the country and globally. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.

To obtain a property valuers insurance quote we may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

How do I get proof of property valuers insurance?

You can usually get proof of property valuation insurance same day when you purchase insurance through Gerrards.

Acquiring a property valuers insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project.

To obtain insurance coverage promptly, contact one of our property valuation insurance brokers. 

What does property valuers insurance not cover?

Claims Outside the Coverage Period

Insurance typically covers claims made during the policy period, even if the event causing the claim occurred before the policy started given it falls after the retroactive date. However, any claims made after the policy has ended, even if the triggering event took place during the coverage period, might not be covered unless you have extended reporting or run off cover. 

Contractual Liabilities

If you take on certain liabilities by entering into a contract, these are not automatically covered under property valuer insurance unless the liability would have been there without the contract. Always ensure your contractual obligations align with your insurance coverage.

Intentional Wrongdoing

Insurance does not cover any damages arising from actions that were deliberately fraudulent or malicious. For example, if a valuer purposefully undervalues a property to benefit a third party, such intentional misconduct is not covered.

Other common questions about property valuers insurance

Yes, most property valuer insurance policies will cover defense costs and legal fees arising from a covered claim, but it’s essential to ensure this is included in your policy.

Coverage requirements aren’t necessarily based on business size but rather the potential risks and the valuation services’ nature. Discuss with a broker to understand the best coverage for your specific scenario.

Insurance policies generally run for the term you’ve paid for. While pausing might not be an option, discuss with your broker about potential adjustments or solutions if you’re temporarily halting your services.

Coverage specifics depend on your policy. If you offer services beyond valuation, discuss these with your broker to ensure comprehensive coverage.

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