Date : 15 January 2003

TO : ALL REGISTERED VALUERS, APPRAISERS AND ESTATE AGENTS / PROBATIONARY VALUERS /PROBATIONARY ESTATE AGENTS

Dear Sir/Madam

Professional Indemnity Insurance

The Board is currently looking into an important issue, which is professional indemnity cover for Valuers, Appraisers and Estate Agents. We say it is an important issue because insurance premiums are on the rise and recent forecast indicates continued increase in professional indemnity premiums in the future. One of the ways in which professional indemnity insurance can be kept as low as possible is for all firms to come under a compulsory group insurance scheme.

Apart from the benefit of lower premiums, a compulsory group insurance will also enable better risk management in the industry which may then lead to a better understanding of the risks in the industry which in turn may lead to lower premiums. Your firm is requested by this circular to indicate whether you agree that the Board should organise and effect a group insurance policy for all Valuers, Appraisers and Estate Agents.

Yours faithfully

LEMBAGA PENILAI, PENTAKSIR DAN EJEN HARTATANAH MALAYSIA
R.MAHALETCHUMI

Registrar