The Elephant in the Room
The property podcast for the thinking person.

Episodes

Episode 434: How Protected Are You Using a Property Advisor?

When people engage a property investment advisor, there’s an underlying assumption: if something goes wrong, there’s a system in place to protect them. 

But in reality, that protection—often tied to professional indemnity PI insurance—is not always as clear or as reliable as it seems. For investors relying on property investment advice, this raises a critical question: what actually happens if property advice goes wrong?

In this episode, Polina Kesov, an insurance specialist with over two decades of experience, unpacks how professional indemnity PI insurance works in the world of real estate advice. With deep insight into claims, policy structures, and risk, she explains why many property advisors and buyer’s agents may not be covered for the very advice they provide—and what that means for anyone investing in property in Australia. It also highlights a growing issue: the gap between property investment advice vs financial advice, and how that distinction can impact accountability.

Polina explores the risks of using a property advisor, from exclusions buried in fine print to the blurred lines between execution and strategy. She also explains why real estate due diligence goes beyond the property itself—it includes understanding who you’re taking advice from, how that advice is formed, and whether it’s actually backed by the right level of protection. For investors, knowing how to verify property advisor credibility is just as important as choosing the right asset.

From how to choose a property investment advisor to understanding the limits of insurance and accountability, this conversation challenges common assumptions about safety in property investing. Because when it comes to working with a property investment advisor, it’s not just about who you trust—it’s about whether the system behind them will hold up if things don’t go to plan.

Episode Highlights

04:17 — Can Property Advisors Actually Get Covered?

06:01 — What Makes a Property Advice Claim Valid?

09:25 — Repeat Offenders and the Lack of Transparency

11:42 — Marketing Hype vs Where Advice Crosses the Line

16:10 — How Claims Impact Insurance Renewals

21:01 — Real Claims Against Buyer’s Agents Explained

24:55 — Why Insurers Act as Hidden Risk Partners

27:52 — How to Choose the Right PI Insurance Cover

29:58 — What a Certificate of Currency Really Tells You

31:44 — Why You Must Verify Advice Scope in Writing

33:40 — Multiple Claims: A Major Red Flag

35:45 — Licensing Gaps and Disclosure Obligations

37:57 — AI Advice: Who’s Liable When It Goes Wrong?

39:38 — What Questions Should You Ask an Advisor?

41:14 — Why Property Advice Claims Stay So Low

47:47 — SMSFs and Trusts: Where Advice Gets Risky

50:14 — Vicarious Liability: How Risk Spreads Fast

53:22 — Key Takeaways Every Investor Should Know

About the Guests

Polina Kesov is an insurance advisor with over 20 years of experience working alongside Australian businesses on risk, claims, and insurance coverage. Specialising in professional indemnity, she has a deep understanding of how advisors are assessed, insured, and held accountable when things go wrong.

Throughout her career, Polina has worked closely with professionals across the property, finance, and advisory sectors, giving her a unique, behind-the-scenes perspective on how claims are evaluated and where systems succeed—or fail. Her expertise extends beyond policy setup into real-world outcomes, including how insurers interpret liability, manage disputes, and determine whether a claim is paid.

Known for her practical, no-nonsense approach, Polina is passionate about improving awareness around risk and helping both professionals and consumers understand the fine print that often gets overlooked. Her insights offer a rare look into the mechanics of protection in the property industry—where assumptions don’t always match reality.

Connect with Polina

Resources:

Visit our website: https://www.theelephantintheroom.com.au

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Chris Bates