Surveyors professional indemnity insurance

In whichever surveying discipline you specialise, the potential for making a mistake is always there, with surveyors professional indemnity insurance providing the necessary cover.

You are problem solvers, organisers and calculators making sure that properties are safe or providing technical services to construction sites providing a service that comes with an expectation of a certain level of professionalism and specialist knowledge.

Hensure Business Insurance Consultants have developed an online quote and buy facility for surveyors professional indemnity insurance to provide you with competitive cover in a matter of minutes.

PI 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 in order to avoid a more costly legal action.

Professional Indemnity Insurance is written on a ‘claims made’ basis, which means that when a claim is received, it’s the current insurer in place that will respond rather than the insurer in place when the negligent act occurred. This is particularly important for surveyors, as errors in the property industry can sometimes take a while to come to the surface.

If you are a RICS member then you will have to be insured on a RICS approved surveyors wording, Hensure Business Insurance Consultants have specific RICS approved Surveyors wording available for you.

Typical surveyors professional indemnity insurance on RICS approved wording.

Policy Coverage would include:

Professional negligence of the insured
Breach of intellectual property rights – Unintentional (other than patents)
Breach of confidentiality – Unintentional
Dishonesty
Loss of Documents – third party or data
Libel and Slander
Breach of civil liability
Unintentional defamation
Computer virus transmission
Negligence of sub-contractors
Irrecoverable fees
Rectification and loss mitigation costs
Bodily injury or property damage arising from breach of professional duty
Defence costs
Court attendance costs

Run off Cover

When a business ceases to trade run off cover will be require. As previously advised the reason for this is that Professional Indemnity insurance is acclaims made policy, so it is the policy in force at the time a claim is made that will deal with the claim. If a business ceases to trade and doesn’t buy run off insurance then there would be no policy in force.

It’s a requirement of the RICS regulations that run off cover is maintained for a maximum period of 6 years, although contractually the requirement may be longer.
Run off cover will usually only be offered by the insurer in place at the time the business ceases to trade.

To obtain an accurate quote for your surveyors professional indemnity insurance, get in contact with us today. We can talk you through the different types of cover we can offer, as well as provide you with a quote for your policy.