New Insurance Offering for EAC Members

Estate Agents Co-operative Ltd and OAMPS have worked together to negotiate a new insurance offering for members of the Co-operative.

The Professional Indemnity insurance provides a broad range of coverage which enables agents to comply with their legislative requirements. In addition, the policy coverage also automatically extends to a number of key benefits:

  • Fidelity (Employee Theft) – cover included for no additional premium to a sub-limit of $100,000;
  • Employment Practices Liability – cover included for no additional premium to a sub-limit of $100,000;
  • Franchisor’s coverage – the policy extending to Franchisors as insured’s where they are joined to an action with the insured, or as a result of the insured actions;
  • Insurance Distribution Activities Extension – Cover is specifically extended to include distribution of insurance products as part of a Real Estate Agency’s activities. This is very relevant in the case of property management, where commonly agents provide insurance solutions or hold agencies with insurers to provide products for property owners, tenants or strata plans. With the changing landscape of strata requirements, this is especially prudent.
  • Referral Services Extension – Agents provide their client with a number of referral sources, be it property maintenance, tradespersons, conveyancing, building and pest inspections, mortgage brokers and many more. It could be alleged that the agent has a duty to perform due diligence on any persons or companies they recommend to their own clients. The policy cover extends to protect agents for their liability arising out of any allegations or claims arising from a referral relationship.
  • Bodily injury or property damage in any way is not excluded under the policy.  This is a common exclusion that relates to a primary exposure for agents, whether showing clients through open houses, hosting auctions or providing property management activities.
  • Legal costs are in addition to the policy limit, that is the limit is available for payments of any awards against the agent, rather than being used up by applicable legal defence costs;
  • Sub-Contractors and Consultants – the vicarious liability to the insured agency is covered for the actions of any sub-contractors and consultants;
  • Dishonesty of Employees – cover is provided to the agency for the actions of dishonest or fraudulent employees, provided such acts were not condoned by the Insured;
  • Minimum premiums for a Professional Indemnity cover of $1,000,000 in any one claim, with $3,000,000 in the Aggregate begin at $1,250 including all taxes, fees and charges.
  • Higher levels of cover are available as required.

We have also negotiated reduced rates for office insurance and public liability, as well as a policy for management liability cover for members in order to provide a holistic solution to their business needs.

EAC Director Anthony Chapman stated “I recently renewed my business insurance options using this new facility and I saved over a thousand dollars in premiums whilst getting superior cover at the same time.”

For more information, or to obtain a quotation, Members can speak with their local OAMPS branch, or contact Drew Ferns at OAMPS on 02 4226 8700.

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Estate Agents Co-operative Ltd

New co-ops law launches in NSW and VIC

The 3rd March 2014 saw the commencement of the of Co-operatives National Law in New South Wales and Victoria which provides the national legislative framework for Co-operatives.

The new laws mean less red tape and reporting burden for smaller co-ops, and for all co-ops, the ability to trade across state borders without dual registration.

For more information read the update released by NSW Fair Trading

For more information about Co-operatives you can visit the Co-operatives and Associations page on the NSW Fair Trading site.

EAC Board meets with Member Principals from Northern Rivers

The EAC Board held its November Board Meeting in Ballina on Wednesday, 27 November followed by a meeting of Member Principals from the Northern Rivers. At the meeting the Chairman Dale Whittaker and CEO David Crombie updated the members on some of the initiatives the Co-operative is currently working on and other changes that are currently affecting the industry. Each of the Directors provided the members with an overview of the property market in their respective areas and in return the meeting provided the directors with an opportunity to obtain feedback directly from the members.

EAC Chairman Dale Whittaker and EAC CEO David Crombie presenting at Northern Rivers Members Meeting

EAC Chairman Dale Whittaker presenting at Northern Rivers Members Meeting

A lighthearted moment shared by EAC Board and EAC members

A lighthearted moment shared by EAC Board and EAC members

The EAC Board would like to thank all the members that attended.

Co-operatives in Australia – A Manual

Co-operatives in Australia Manual

The Co-operatives in Australia manual has been published by the NSW Federation of Co-operatives & RDA Mid North Coast Inc.

The manual is designed to assist anyone who wants to start or join a co-operative, as well as increasing the understanding of members already involved in co-operatives across Australia.

Co-operatives are usually formed by new groups of people who are interested in working together to achieve a particular goal. They may also be formed when another incorporated body such as an association, a company or an indigenous entity decides that the co-operative structure is better suited to its purpose and membership base.

The authors include: Kay Cooper (Regional Development Consultant), Todd Green (Research and Policy Officer, Regional Development Australia – Mid North Coast) and Peter Tregilgas (Executive Officer, Regional Development Australia – Mid North Coast).

The manual can be downloaded here.

Draft National Co-operative Regulations now available for Comment

Under the Co-operatives National Law (CNL) a uniform set of laws for co-operatives is proposed for all states and territories. This will be achieved by each state and territory either adopting the template Co-operatives National Law or passing alternate legislation consistent with the CNL.

The Draft National Co-operative Regulations have now been released for comment. Co-operatives are encouraged to offer their insights and provide comment on the proposed legislation on the NSW Fair Trading website.

 

NEW CO-OPERATIVES LAWS TO CUT COSTS AND REDUCE RED TAPE

In a national first, the New South Wales Fair Trading Minister Anthony Roberts today welcomed the passage of legislation to empower co-operatives, slash red tape and reduce costs.

“2012 is the United Nations International Year of Co-operatives so it is only fitting that we
recognise this by making practical changes to benefit the 680 co-operatives with more than 1.5 million members in NSW,” Mr Roberts said.

“Co-operatives, which are owned, controlled and used by their members, are registered in
industries including book sales, tourism, catering, dairy produce, grain handling, cotton growing, taxis, housing, recycling and childcare. They generate turnover of $2.9 billion per year and employ 10,000 people.

“Co-operatives provide important services to local communities, particularly in rural and regional areas.”

Mr Roberts said the Co-operatives (Adoption of National Laws) Bill 2012 and the Co-operatives National Law would strengthen the sector by removing restrictions on co-operatives doing business in other states and territories. The legislation also streamlines financial reporting requirements for smaller co-operatives while removing confusing and inconsistent provisions contained in the old laws.

“NSW is the lead jurisdiction and now the legislation has passed the NSW Parliament, other States and Territories will introduce consistent laws to modernise their own arrangements,” the Minister said. “I’m looking forward to accelerated growth in the sector as we remove existing barriers to interstate business activities and ensure co-operation and consistency between jurisdictions.”

Chairman of the National Secretariat for the United Nations International Year of Co-operatives Greg Wall welcomed the changes.

“The timing of his legislation couldn’t be better. New, nationally consistent laws will remove barriers and encourage growth in an innovative, community oriented and increasingly valuable sector of the economy,” he said.

Co-operative Federation of NSW Chairman Tony Rogic said the new national legislation would make it easier for co-operatives to work across state borders.

“These new laws will be promoted extensively by the Federation and help raise awareness of the sector,” he said.

Media Release from The Hon Anthony Roberts MP Minister for Fair Trading