ADVOKS GLOBAL · KENYA
Estate Agents Act
19. Indemnity requirements
Edition: 2025-06-20 · In force
19. Indemnity requirements
(1)Notwithstanding section 18, after the expiration of one month from the commencement of this Act, no person shall practise as an estate agent unless there is in force in relation to his practice an indemnity bond or policy of insurance entered into or issued by an insurance company approved by the Board, so expressed as to guarantee that compensation shall be payable, up to the required limit, to persons suffering monetary or other property loss through the dishonest or professional misconduct of the person so practising.(2)For the purposes of subsection (1), the required limit shall be—(a)in the case of a business carried on by a single individual, a sum of two hundred thousand shillings;(b)in the case of a business carried on by two or more individuals, the sum specified in paragraph (a) multiplied by the number of such individuals;(c)in the case of business carried on by a body corporate, the sum specified in paragraph (a) multiplied by the number of directors whose duties include the doing of acts by way of practice as estate agents.(3)Any person who contravenes subsection (1) shall be guilty of an offence and liable to a fine not exceeding twenty thousand shillings or to imprisonment for a term not exceeding two years or to both.