Compare Surveyors Professional Indemnity Insurance
As a surveyor, you play a crucial role in ensuring the safety and integrity of properties, whether through structural assessments, quantity surveying, or valuations for lending purposes. However, even the most meticulous professionals can encounter unexpected challenges. That’s why having robust Professional Indemnity Insurance is essential to protect your career and business
Why Professional Indemnity Insurance for Surveyors?
In today’s environment, the risk of facing allegations of professional negligence is ever-present. Professional Indemnity Insurance safeguards your business by covering:
- Legal Defense Costs: Protects against expenses incurred while defending against claims of incorrect or wrongful advice.
- Damages: Covers compensation awarded if a claim against you is successful.
It’s important to note that this insurance operates on a ‘claims made’ basis. This means the insurer at the time a claim is made—not when the alleged error occurred—will handle the claim. Given that issues in the property sector can surface years later, maintaining continuous coverage is vital. If you switch insurers, ensure your policy includes a retroactive date to cover past work.
Comprehensive Coverage Tailored to Your Needs
At Clarke Williams, we understand the diverse nature of the surveying industry. Our specialist account managers are experienced across various disciplines and can offer coverage limits ranging from £250,000 to £10,000,000. Our surveyors’ policies typically include:
- Defense Costs: Coverage for legal expenses.
- Worldwide Protection: Including options for USA & Canada.
- Criminal Prosecution Defense: Support for legal challenges.
- Cyber Liability: Protection against digital threats.
- Coverage for Previous Firms and Retired Principals: Ensuring past work is protected.
- Ombudsman Awards: Handling specific adjudications.
- Consultants and Self-Employed Staff: Extending coverage to your team.
- Pollution: Addressing environmental liabilities.
- Mitigation Costs: Covering expenses to prevent potential claims.
- Court Attendance Compensation: Reimbursing time spent in legal proceedings.
- Loss of Documents: Protecting against misplaced or damaged records, with no excess applicable.
- Disciplinary Hearings Representation: Support during professional conduct inquiries.
Secure Your Professional Future Today
Don’t leave your professional reputation to chance. Contact Clarke Williams today to discuss a bespoke Professional Indemnity Insurance policy tailored specifically for surveyors. Our dedicated team is ready to provide you with a comprehensive quote and ensure you have the protection you need.
Want to speak to one of our specialists?
Telephone: 01732 252898
or email us.
Call 01732 252 898 or email us today for a comprehensive insurance policy at a competitive price.
The best way for us to understand your business and get the best premium back from the market is for you to complete our proposal form. If you have already completed a proposal form, please feel free to send a copy to info@clarkewilliams.co.uk
Alternatively if you renewal is not due yet, register with us now so that we can contact you nearer the time.
Register your renewal date
Not sure what Insurance you need? The below guide should help.
- Public and Public Liability Insurance, covers you for any bodily injury or property damage which arises in the course of your day today activities, such as visiting a client’s premise.
- Employers’ liability Insurance is a legal requirement for all employers within the UK. The minimum required limit is £5,000,000 although most insurers give £10,000,000 as standard. The policy is designed to protect employees’ who sustain an injury or illness during their normal business activities by providing compensation.
- Buildings & Contents Insurance. Cover your computers, equipment and other workplace property such as business records against fire, flood, theft and more so you can have peace of mind that you’re protected against the unexpected.
- Business Interruption Insurance. We can help you get back to work after a crisis. Business Interruption can insure you against lost business income and any additional expenditure that you might have incurred following a loss.
Our account managers will arrange Professional Indemnity and Liability policies at a competitive price with comprehensive wordings, which are acceptable to your clients or Professional Body.
Understanding RICS Professional Indemnity Insurance Requirements
As a member of the Royal Institution of Chartered Surveyors (RICS), adhering to the institution’s stringent code of conduct is paramount. One critical requirement is maintaining adequate Professional Indemnity (PI) Insurance. At Clarke Williams, we specialize in assisting RICS surveyors like you in securing insurance that meets all necessary standards.
RICS mandates that all member firms secure PI Insurance that complies with specific criteria to ensure comprehensive protection for both professionals and their clients. Key requirements include:
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Civil Liability Coverage: Policies must be underwritten on a civil liability basis, encompassing a broad spectrum of potential claims.
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Approved Insurers: Insurance must be obtained from insurers listed by RICS, which include reputable insurance companies and Lloyd’s of London syndicates. These insurers have committed to providing coverage that meets RICS’s minimum standards. A full list of these can be found on the RICS website.
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Retroactive Cover: Policies should offer full retroactive coverage, safeguarding all previous professional activities. The retroactive date should be specified as ‘none’ or correspond to your firm’s establishment date, ensuring that past and present employees are protected.
With extensive experience in serving RICS surveyors, Clarke Williams is well-versed in the institution’s insurance requirements. Our dedicated account managers will collaborate with you to craft a bespoke Professional Indemnity Insurance policy that aligns with RICS standards and addresses the unique needs of your practice.
Want to speak to one of our specialists?
Telephone: 01732 252898
or email us.
RICS Professional Indemnity Policy Requirements
So, what limit to buy? RICS recommend the minimum levels of cover. However depending on the activities you undertake, client requests or project sizes it may be prudent to hold a higher Professional Indemnity Limit.
| Last year’s turnover | Minimum level of cover |
|---|---|
| £100,000 or less | £250,000 |
| £100,001 to £200,000 | £500,000 |
| £200,001 or more | £1m |
Excesses
Professional Indemnity Insurance can sometimes come with high excesses depending on the surveying activities undertaken (for instance S&V or work with Asbestos can attract a high excess). However, there are maximum levels of excess that a RICS regulated firm can carry:
| Limit of indemnity | Maximum uninsured excess |
|---|---|
| Up to and including £500,000 | The greater of 2.5% of the sum insured, or £10,000 |
| Over £500,000 | 2.5% of the sum insured |
Run-off cover
As Professional Indemnity Insurance policy works on a ‘claims made’ basis, run-off cover comes into effect when the insured stops trading, and covers any claims that relate to previous work carried out by the practice. RICS requires run-off cover for a minimum of six years if your firm ceases to trade.
Still unsure about what you require? RICS has details on their website regarding the minimum standards of PI cover required by their members. See www.rics.org for full details.
Have confidence that Clarke Williams can help your business.
Below is a list of the types of surveying work we have experience in. Insurers will be interested in what type of work any surveying firm is involved in, as each discipline has varying potential for risk:
Quantity Surveyor – Working on large infrastructure building projects such as HS2 undertaking activities concerned with construction project requirements, costs, subcontractor contracts and their payments and BIM, whether working on their own or as part of a sectional team.
Land Surveyors – Involved in land development mapping including topography, planning and all laws relating to the subdivision of land. Surveyors often struggle to obtain competitive Insurance terms when undertaking setting out, the process of measuring and marking out a full size plan of a building or element of a building on site, as it can be considered high risk. As such Insurers are often hesitant to provide cover due claims emanating from incorrect measurements that then have large repercussions for the building project but we have various markets that can accommodate this surveying discipline.
Hydrographic Surveys – A very niche field mapping rivers, oceans and waterways. Hydrography plays an important role in preparation of navigational information for shipping as well as exploration of marine resources. We’ve helpedHydrographic Surveyors who have undertaken mapping in connecting with fisheries or are involved in the renewable energy sector preparing plans for offshore wind farms.
Residential and Commercial Surveys and Valuations – The main area of activity for many surveying practices, this involves the investigation of a property in order to ascertain its condition and market value. This is considered as high-hazard work. Many insurers are often unable to provide cover for practices that undertake survey and valuation work for lending purposes due to the volume and size of claims seen by the market, especially in times of recession when the housing market bubble has burst leaving banks with overvalued assets when repossessed. Clarke Williams have experience in placing surveyors undertaking S&V work, and have markets based in Lloyds of London who can accommodate these activities.
Planning and Development – The formulation of plans and drawings for construction projects, and the application for planning permission with the local planning office.
Project Management and Coordination – Surveyors are often called upon for large projects where assistance is required in management, administration and control of site on behalf of the client.
Rural surveyors – Concerned with all aspect of rural life from conservation, agriculture, livestock auctioneers and asset management.
Dispute Resolution Surveyor – The role of the surveyor is to resolve disputes including arbitration, adjudication and mediation. Typical activities have been where a surveyor has been brought in to assist with contract claims negotiations regarding time delays, projects that are over budget or subcontractor disagreements.
Auctioneering – The work can be diverse ranging from property to art or even livestock. Auctioneers act on behalf of the seller and are involved in each step of the process, from pre-inspection to final contract signing. The risk is variable depending on what is being auctioned.
"It will never happen to me". Still not convinced? Have a look at the below claims examples for Surveyors:
A residential survey failed to identify signs of subsidence on the ground floor wall which was adjacent to a large tree. Following the purchase,it transpired that a property required substantial underpinning.
Amount paid: £159,000.
Quantity Surveying Claim
A quantity surveyors undervalued the scope of works required by a contractor, this lead to time delays and additional costs which the client had not budgeted for and certainly didn’t want to pay.
Amount paid: £147,000.
Residential Survey and Valuation
Claims for over-valuation of a property are common. A surveyor was pursued by a lender, trying to recoup losses following a property’s repossession and subsequent sale for a diminished value.
Amount paid: £83,000.
Measured Building Surveys
Errors can happen anywhere. An employee made an error in copying measurements which resulted in the final calculation being inaccurate.
Amount paid: £15,000.
Project Management
A surveyor was accused of mismanaging a site following time delays and an increase to project costs. Talks broke down, the site ground to a halt and both parties required legal representation.
Amount paid: £123,000.