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Surveyors professional indemnity insurance

Surveyors professional indemnity insurance from Hensure takes into account the specific role of a surveyor.

Those surveyors who are members of the Royal Institute of Chartered Surveyors (RICS) – The governing body which regulates & promotes the profession – receive information and guidance as a result and are required to be covered on a RICS approved professional indemnity wording. We recommend all surveyors ensure they have professional indemnity insurance even those surveyors who operate outside of the RICS. It might be more appropriate however, for these suveyors to be covered on a construction professionals wording or even a miscellaneous wording , but this will depend on the nature of the work that you are involved in.

What do underwriters look for when considering surveyors professional indemnity insurance?

Size of the practice – One of the major factors that determine insurers’ rating and underwriting criteria is the size of the business practice. This can be established in two ways, the gross annual income of the company & the number of partners/directors/employees.

Qualification and experience – In line with underwriting criteria, Insurers need to satisfy themselves that a surveyor is suitably qualified and/or experienced to carry out the work undertaken on behalf of their client.

Type of work – Insurers will want to know the split of annual income derived from each discipline. This following list covers most areas that a surveyor could get involved in and rates will vary from insurers depending on the amount of each discipline performed.

  • Quantity Surveying
  • Building Surveying
  • Residential Property Letting and Management
  • Commercial Property Management
  • Land Management
  • Rent Reviews/ Lease Reviews
  • Residential and Commercial Estate Agency
  • Planning and Development
  • Valuation Work
  • Architectural Work
  • Project Management/ Coordination

Contract sizes – There is a direct relationship between the size and complexity of the job and the exposure.

Environmental exposure – Does the firm knowingly get involved in the environmental field?

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.

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Risks can be categorised as follows;

Low risk Activities

  • Quantity surveying
  • Residential and commercial estate agency.
  • Residential property management.
  • Planning and development.

Medium Risk Activities

  • Building surveying.
  • Commercial property management/land management.
  • Rent reviews.

High Risk Activities

  • Land and hydrographic surveying.
  • Project management.
  • Architectural work including the Design and/or supervision of buildings.
  • Residential and commercial surveys and valuations.
  • Fine art auctioneering.

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

Other Insurance Services

Professional Indemnity Insurance
Public & Employers Liability
Injury & Incapacity Benefit Insurance
Director & Officers Liability Insurance
General Office Insurance
Shops/Retail Insurance
Insurance For Property Owners
Bespoke Business Insurance
Contract Works Cover
Trade Liability Insurance

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