RICS PII Market: Call for viewsFebruary 2022
In the context of a hardened insurance market cycle, with surveying firms facing challenges acquiring adequate, appropriate and affordable professional indemnity insurance (PII), the Royal Institution of Chartered Surveyors (RICS) opened a review of its PII model in the UK. RICS subsequently produced a series of short-term proposals to support regulated firms and medium-term actions to examine whether further change is required, all outlined in a proposed programme of work over the next 3 years.
The RICS PII Market – Call for Views (link here) seeks feedback on the proposals via an online questionnaire. It hopes the responses will contribute to an improved PII market for regulated firms.
Alongside the Call for Views, RICS have also published a consultation on changes to the RICS Minimum Policy Wording for 2022. Its proposals include:
- Revising or even removing the maximum level of uninsured excess; and
- Moving to a’ negligence only’ coverage basis for secured lending valuations.
The Consultation on RICS Minimum Policy Wording is linked here.
RICS encourage key stakeholders including its members, Insurers, brokers, consumers (including private and commercial clients) to provide their views. Both consultations close on 24 February and we would encourage all stakeholders to have their say.
Please contact David McArdle or Nic Pegg if you have any queries.Download PDF