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Professional Indemnity Insurance for Damp Proof Control Surveyors

Professional indemnity insurance for damp proof control surveyors

Hensure Business Insurance has developed an on-line quote and buy system for professional indemnity insurance for damp proof control surveyors without the need to fill in a lengthy proposal form.

If you are a Chartered Surveyor, then you will need to be insured on a RICS approved surveyors wording. If you are not a RICS member than a construction professionals wording will be more than sufficient, and you should be able to buy a policy online through our site, subject to the proposed risk satisfying the underwriting criteria stipulated by the insurers.

Why buy professional indemnity insurance for damp proof control surveyors?

As a damp proof control surveyor, you provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge.

Professional indemnity insurance covers you in respect of compensation that you may have to pay to your clients arising out of problems associated with the work you have carried out for them.

The insurance is designed to cover the cost of defending you against any allegations of wrongdoing as well as covering damages that may be awarded against you. It may also cover the cost of correcting mistakes to avoid a more costly legal action.

Regardless of how many years’ experience your firm may have, there is always the possibility you (or one of your team) could make a mistake. Professional indemnity insurance for damp proof control surveyors gives you extra peace of mind.

If you need further information contact us now or complete a quote today.

Example claim against damp proof control surveyors

A damp proof control surveyor carried out a survey for a potential buyer of a property. The buyer completed the purchase of the property, taking in to account the comments and feedback from the survey report. Some months later the buyer noticed a patch of damp on some exposed timber forming part of a lintel near the front door. When the plasterwork was stripped back it was found that all the beam end bearings were rotten and required replacement.

The client had been given quotes from contractors in the region of £ 4500 to do the remedial work.

The client was looking to seek compensation for the advice given in the survey, as they were adamant that the damp would have been visible at the time of inspection and this would have affected the sale value of the property.

The surveyor reported the incident to his professional indemnity insurers who advised him on how to mitigate his position and eventually settled the claim at £ 4000.

What will professional indemnity insurers look for to assess the risk?

  • Company size – The overall size of the firm. The Insurers will want to understand the size of your firm in terms of the number of directors and qualified staff who give advice and the turnover of the firm.
  • Qualifications and experience – Insurers will most probably want to see a CV which shows that the relevant people within the firm have a minimum of five years’ experience.
  • Type of work – Insurers will want to understand the nature of the work that you are involved in.
  • Contract sizes- Insurers will be interested in the total contract values that you are involved in and not just your own fee income for the job. Insurers see a direct correlation between the contract values and the potential exposure that they could face to large claims.
  • Retroactive exposure – Does the business have an exposure to claims arising from past work, whether in the current business or a previous company.
  • Overseas exposure – Does the practice carry out work for overseas clients.
  • Claims experience – The claims experience is an important factor in the assessment of a risk. This information reflects on the type of work carried out by a company. It also reflects the quality of the company’s work, experience, staff & internal risk management.

Policy coverage under the construction professionals policy wording

  • Negligent act error or omission
  • Unintentional intellectual property rights infringement (other than patents)
  • Unintentional breach of confidentiality
  • Unintentional defamation
  • Fraud & dishonesty
  • Loss of third party documents or data
  • Computer virus transmission
  • Negligence of sub-contractors
  • Collateral warranties (limited to 2 assignments)
  • Adjudications under the Housing Grants Construction & Regeneration Act
  • Irrecoverable fees
  • Bodily injury or property damage arising from breach of professional duty
  • Defence costs
  • Court attendance costs
  • Breach of health & safety legislation

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