Hello,
I am interested in getting into property development. I have read a few books about it and most of them suggested that I get a professional indemnity insurance if I want to develop properties for other people. My strategy is handle the project management but outsource most of the technical work needed eg. design, construction, etc. I have already contacted insurance companies but unfortunately they were not that helpful. They said that it would be very difficult for a new developer to get an insurance because I dont have any track record yet.
Are professional indemnity insurance really required for anyone interested in property development? Is it possible to develop properties for others with it?
Hi, I don’t mean to dampen your enthusiasm but if you want to develop property for other people, they might want to investigate your ‘portfolio’ before they give you any work.
Indemnity insurance doesn’t come into it until you have a building licence.
Why not start by doing a small development of your own? Then you can make a profit & learn along the way.
Kum Yin
Professional indemnity is mainly used by people who give advice such as Insurance Agents. The insurance you may be thinking of is public liability insurance and construction insurance while you are building
merrianne
How were you planning on building? Were you going to pay a building company to do so? If so they will have all the insurances in place. If you are doing owner builder, you will need Home Indemnity Insurance if you plan on selling within 7 years!
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