Chartered Surveyors/Estate Agents/Property Consultants

The Royal Institution of Chartered Surveyors (RICS) is the major professional body that represents, regulates and promotes chartered surveyors and technical surveyors. All RICS members are bound by the RICS rules of conduct which include laying down minimum levels of PI cover required by all members in private practice.

A firm must ensure that all previous and current professional work is covered by adequate and appropriate PI insurance cover which meets standards approved by the Regulatory Board.

This cover should meet the following standards:

• The limit of indemnity should be on an ‘any one claim’ or ‘each and every claim’ basis
• The RICS minimum policy wording or a more comprehensive wording should be applicable and on a full civil liability basis
• Firms whose income during the previous year is £100,000 or less should buy a minimum limit of indemnity of £250,000; for firms whose income is between £100,001 and £200,000, a limit of £500,000 should be purchased; for firms with income higher than £200,001, a limit of £1 million should be in place
• In terms of the level of self insured excess, for firms with a limit of indemnity of up to £500,000, the excess should not be greater than 2.5% of the limit or £10,000; if the limit of indemnity applicable is over £500,000, the excess should not be greater than 2.5% of that limit
• The policy should be fully retroactive ie no exclusion of claims arising from work carried out prior to a certain date
• The policy must be underwritten by a ‘listed insurer’
• Cover must be provided for past and present partners, directors, members and employees
• The Institute advises that when a member has retired or ceased trading run off cover is maintained for a period of a least 6 years

Quercus PI has extensive experience in the handling of PI policies for all types of chartered surveyors, quantity surveyors, estate agents and other property consultants. Competitive premiums are available for those firms that provide comprehensively completed proposal forms and an active awareness of risk management. Assistance will be given to all aspects of the quotation process followed by full support during the policy period, including the prompt issue of policy documentation, advice on contractual matters in the form of collateral warranties and claims guidance if required.

Download Proposal Form:
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Microsoft Word Format