SURVEYORS & PROPERTY PROFESSIONALS

At Simcox Brokers, we can arrange Professional Indemnity insurance (PII) for Surveyors and property professionals.

As an independent broker we have built strong working relationships with a wide panel of specialist insurers in this sector and can assist you throughout the application process, helping best present your firm to the insurers and fully supporting you in the event of a claim. Subject to criteria, we can also arrange a free legal contract review for any collateral warranties and / or novation agreements you are asked to enter into.

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 of 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 the limit of indemnity, the rules also impose maximum excesses:

• Where the limit of indemnity is less than £500,000 the maximum excess should be no greater than 2.5% of the limit of indemnity or £10,000 whichever is the greater.

• If the indemnity limit is over £500,000 then the maximum excess is 2.5%

 

For members of The Association of Residential Letting Agents (ARLA) the minimum limit of indemnity for annual fee levels are:

• £150,000 where fee income is less than £150,000

• if fee income exceeds £150,000 the minimum limit of indemnity purchased must be £500,000

*Limits are correct as of February 2021, 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.

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