Professional indemnity is a compulsory requirement for all surveyors who are members of the Royal Institution of Chartered Surveyors (RICS).
The minimum requirements and levels of cover are established by RICS; with this, RICS members require PI with a minimum wording and minimum levels of indemnity to which are dependable upon the firm’s fee income.
Minimum limit of indemnity (on an each and every claim basis) based on annual fees:
up to £100,000 fees – £250,000
over £100,000 up to £200,000 fees – £500,000
over £200,000 fees – £1,000,000
The RICS provide a list of insurers who offer/provide the minimum approved wording: this list of insurers can be obtained from us directly or from the RICS Website.