PROFESSIONAL INDEMNITY INSURANCE FOR SURVEYORS
At Simcox Brokers, we can arrange Professional Indemnity insurance for Surveyors.
HOW CAN WE HELP YOU?
As an independent insurance broker, we have established excellent relationships with a wide panel of insurers in the surveying sector. Our expertise allows us to guide you seamlessly through the insurance application process, ensuring that your firm is presented in the best light to insurers. Moreover, our support extends beyond the application to provide comprehensive assistance in the event of a claim.
Whether you operate as a solo surveyor or are part of a larger practice, we excel in arranging professional indemnity insurance with reputable insurers that align with the requirements set by RICS.
By using our services, you can benefit from our experience and understanding of the professional risks encountered by surveyors. Our strong relationships with leading insurers ensure that you receive excellent cover options, backed by a broker who comprehends the intricacies of your field.
A PERSONAL SERVICE
Independent & Specialist Insurance Broker
Transparent & Simple Communication
Friendly & Personable Approach
Valuable insight and industry knowledge
Understands your industry specific risks
Impartial & objective
A TAILORED SOLUTION
Access to a wide panel of Insurers
Comprehensive selection of products & services
WHAT CAN PROFESSIONAL INDEMNITY INSURANCE FOR SURVEYORS COVER?
As a surveyor, accuracy and precision is paramount, yet unforeseen circumstances may lead to errors or omissions, or accusations of, in the services provided. Professional Indemnity (PI) insurance serves as a crucial safeguard for you and your business. In the field of surveying, PI insurance covers you in the event of allegations by your client of financial loss arising from:
- A breach of your professional duty
- Contractual disputes
- Legal defence costs
A tailored insurance policy is designed to mitigate the financial risks associated with these scenarios, providing you with peace of mind and allowing you to focus on delivering exceptional service.
THINGS TO CONSIDER
All firms regulated by the Royal Institute of Chartered Surveyors (RICS) are required to have appropriate Professional Indemnity insurance from an RICS-approved insurer. RICS requires all its members to have a minimum limit of indemnity, which is calculated based on the firm’s turnover as follows:
• up to £100,000 = £250,000
• over £100,001 up to £200,000 = £500,000
• over £200,001 = £1,000,000
Depending on your firm’s turnover in the preceding year, the rules also impose maximum excesses:
• Where the turnover in the preceding year is £10,000,000 or less the maximum uninsured excess should be the greater of 2.5% of the sum insured, or £10,000
• Where the turnover in the preceding year is £10,000,001 and above there is no set maximum uninsured excess
RICS also specifies that surveyor’s policies must be fully retroactive, meaning all former work carried out by the company remains covered each policy year.
*Limits are correct as of April 2022, please note that limits may change and we advise you check with your regulatory body to ensure you have the correct requirements at the time of taking out your policy. Please note, you are required to take reasonable steps to meet claims arising from professional business. Although the regulations do not require more than the above cover, this limit may not be adequate for your firm.
FREQUENTLY ASKED QUESTIONS
What does Professional Indemnity insurance for Surveyors cover?
Professional Indemnity insurance for surveyor’s safeguards against legal fees, damages, and expenses in the event of allegations that your professional services caused a financial loss to your client. It provides crucial financial protection in cases of error, omission, breach of duty, or unintentional breaches related to your surveying services.
How is the cost of a Professional Indemnity policy determined for Surveyors?
Insurers consider various factors, including the nature of your surveying practice (low or high risk), claims history, qualifications/experience, fee income, and contract types. Your risk management procedures also play a role. Providing accurate and detailed information about your experience, services, and risk mitigation measures helps your broker negotiate competitive premiums on your behalf.
What limit of Professional Indemnity should a Surveyor purchase?
Determining the coverage amount depends on factors such as the surveying industry, client types, regulatory responsibilities, and contractual obligations. Consider the maximum potential financial liability in case of a claim and ensure the limit meets regulatory requirements. Additionally, your clients may have specific coverage requirements stipulated in service contracts.
Is Cyber Insurance necessary for Surveyors?
All businesses, including surveyors, face cyber risks. Data breaches, ransomware, and phishing attacks are prevalent threats to most businesses, and we advise all of our clients to consider cyber insurance to protect against financial losses and reputational damage.
Do Surveyors with their own business need Directors & Officers Insurance?
Yes, Directors & Officers (D&O) Insurance is crucial for surveyors who own their own business. Directors have specific duties and may face personal liability in case of breaches. D&O insurance covers legal defence costs and expenses in the event of legal actions brought by shareholders, regulatory bodies, or creditors. It provides essential protection for the personal assets of directors and officers.
FINANCIAL ADVISORS, BRISTOL
After drowning in complicated forms, confusing small print and expensive quotes, Simcox Brokers were like a breath of fresh air – clear, informative and approachable. They managed to negotiate a very competitive quote, saving me over 25% from the previous year. Excellent service, thanks
CHARTERED ACCOUNTANT, SHROPSHIRE
Simcox Brokers have provided me with an excellent service this year, not just in providing quality insurance cover and advice but also in support too. I had a claim during the year which (not through our or Simcox’s fault) lasted for around five months and their support throughout has been fantastic in terms of guiding me, keeping me regularly updated without me having to prompt and reassuring me. They made the whole process much simpler and so much less stressful than it could have been. Thank you to the Simcox team!
RENEWABLE ENEGRY COMPANY, BRISTOL
Simcox Brokers was able to navigate the complexities of our market and offer us a solution that perfectly met our needs. This was undoubtedly derived from taking the time to understand our business thoroughly