We provide competitive quotations to Chartered Surveyors and other property related professions. All quotations are underwritten by A rated specialist insurance companies. RICS recommend that members should take specialist advice on PI insurance so pleased contact us.
The Marketplace for Chartered Surveyors Professional Indemnity
Chartered surveyors are one of the oldest established professions with the Royal Institute of Surveyors being founded in London in 1868. There are now over 10,000 practising firms in the UK and the profession contributes premiums of £ 60 million to the PI insurance market. It is a profession where negligence claims are largely driven by the property market cycle - for example it is estimated that the last crash in 2008 led to subsequent professional indemnity claims of over £100 million.
Buying your policy
The RICS recommends that all of their members should take specialist advice on professional indemnity insurance. Unfortunately, professional negligence claims against the profession are common. Even if the surveyor has done nothing wrong, such claims can be costly.
We have experience in working closely with firms to help them secure the best result in defending claims, as well as approaching insurers to explain an individual forms circumstances so that we can negotiate the best possible terms.
The assigned risks pool
We are happy to assist those surveying firms who have found it necessary to enter the RICS assigned Risks Pool and are now looking to find professional indemnity insurance on the open market.
Create the Right Impression
The presentation of your business to insurers is more important than you may think. It will influence the prospective insurer's perception of your business and therefore if information is badly represented this could influence both their judgement and the premium they offer. Quite simply, they are considering the risk, or not, that your business may pose to them. Ensure all information is clearly provided, along with the relevant promotional materials such as corporate brochure and Website details as appropriate.
How is the premium calculated?
The rating of a surveying firm or any professional indemnity risk is a complex process. Underwriters need to be highly skilled and will require a significant amount of information to enable them to provide a quotation which accurately reflects the risk they are pricing. Premiums are based on many different factors including:
- Size of the firm (fee income)
- Type of work being undertaken
- Claims history
- Number of partners or directors and staff ratios
To assess the risk, the underwriter will require a fully completed proposal form which they will consider in detail. They will also look at the firm's Website or they may even look deeper online into a firms background.
Level of indemnity required
The RICS rules require minimum levels of indemnity (cover) which is based on the firm's fee income:
Annual fees - Minimum level of indemnity on an each and every claim basis
- Up to £ 100,000...............................................£ 250,000
- £ 100,000 to £ 200,000..................................£ 500,000
- Over £ 200,000................................................£ 1,000,000
In addition, the rules impose maximum excesses which will depend on the limit of the indemnity. Where the limit of indemnity is £500,000 or less the maximum excess should be no greater than 2.5% of the limit of indemnity of £10,000 - whichever is the greater. For indemnity limits over £500,000 then the maximum excess is 2.5%.
What work is considered high risk?
All professional work carries some risk and for the surveying profession this can vary considerably dependent on the area you work in.The list below gives an indication of where the majority of professional indemnity claims come from in your profession:
- Low Risk Quantity surveying, estate agency and lettings, planning and development.
- Medium Risk Building surveys, commercial property management, rent reviews, lease renewals, architectural design.
- High Risk Project management, residential surveys and valuations, commercial surveys and valutations
Buying online is quick and simple with our "quote and buy" engine that offer cover ONLY from A rated insurers. Some surveyors will be able to obtain very competitive quotes using our online system. This typically works well for surveyors operating in low risk areas and with no previous claims.
We have a wealth of experience arranging PI insurance for Chartered Surveyors and the level of understanding necessary to represent firms confidently in any discussions with insurance companies. Firms rely on us to arrange robust PI insurance to protect their business and their hard earned reputations and we deliver long term insurance stability and reliability, as well as value.
Getting a quotation
Obtaining an alternative quotation with us could save you a lot of money. Please call us on 0345 251 4000 or email email@example.com.