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Property Auditors Professional Indemnity insurance, PI cover

Property Auditors Professional indemnity insurance

Why do you need property auditors professional indemnity insurance?

As a property auditor, you provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge. When things go wrong you may well be held to account for any financial losses with legal action, and property auditor’s professional indemnity insurance is designed to mitigate the effects of such actions.

Hensure Business Insurance has an online solution that allows you to quote and buy your professional indemnity insurance in a matter of minutes. We can provide cover for public liability, employers liability and professional indemnity all from one simple to fill out online procedure.

What limit of indemnity do property auditors need for professional indemnity insurance?

The limit of indemnity you require under your policy is generally for you to decide based upon your own assessment of the exposures that you face in your business. It is worth bearing in mind that the costs involved in defending professional Indemnity claims can be astronomical so this needs to be taken in to account.

Get an online quote now or contact us for further details.

How much is property auditor’s professional indemnity insurance going to cost?

The cost of the insurance will depend on a number of factors:

  • Company size – This will be one of the major factors that an insurer will look at when determining the price to charge for your insurance. This can be established in two ways, the gross annual income of the company & the number of partners/directors/employees.
  • Qualifications and experience – Insurers will be interested in understanding how much relevant experience that you have in this particular profession. If you have less than five years’ experience then they may wish to see a copy of your CV to ensure that they are comfortable with the risk.
  • Type of work – Insurers will want to know the split of your annual income derived from each discipline that you get involved in.
  • 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? Underwriters will be particularly interested if you work for clients based in USA/ Canada as this very often represents a bigger risk for the insurers due to the litigious nature of North American society.
  • 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.

Claims made basis of cover rather than claims occurring basis.

It is important to understand that professional indemnity policies are written on what is called a ‘claims made’ basis. This means that they provide cover for claims made against you during the policy period (ie after the inception or renewal date) that relate to work that you have done at any time after the retroactive date.

What is the retroactive date under a professional indemnity policy for property auditors?

Policies on a claim’s made basis should include a retroactive date to protect the policyholder against claims in respect of work undertaken prior to the current policy year. The retroactive date should coincide with the date you started trading or the effective date of your first professional indemnity policy. It is possible to arrange a policy with a retroactive date of none, which effectively provides cover in respect of all previous periods.

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