Whether you’re a sole practitioner or work for a large firm, we can arrange Professional Indemnity Insurance for surveyors and valuers, plus a range of other relevant insurance covers.
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We can arrange insurance for all types of surveyor, including property managers, building surveyors, and quantity surveyors.
Professional Indemnity Insurance will cover the cost of compensation and legal defence costs if your client sues you for negligence. In some cases, your customer will specify a minimum level of cover.
A good starting point is to assess what your largest loss could be if you made a mistake on a project or contract, which resulted in a claim for negligence. You should carefully review this area with your insurance broker to ensure that you have an adequate level of cover in place.
Professional Indemnity Insurance is underwritten on what is known as a ‘claims made' basis. This means that the insurance policy will only provide cover for incidents that are discovered and notified to the Insurers during the period of insurance.
Your Professional Indemnity Insurance policy will cover professional advice you have given in previous years, but this will often be limited to a retroactive date.
A retroactive date is the date from which the insurance policy will cover you for the work you have undertaken. For example, a live Professional Indemnity policy with a retroactive date of 1st January 2023 will cover the cost of claims arising from work undertaken on or after 1 January 2023. Work carried out before this date is excluded.
If no retroactive date is shown in your documentation or if it is noted as ‘none’, then you’ll be covered for work you have undertaken previously (provided the work falls within the scope of activities declared to Insurers).
If you decide to close your company or retire, claims could still arise for work you undertook in the past. So, it's important to be aware that if you want your Professional Indemnity Insurance to continue protecting you, you can buy 'run off' cover.
If you don't have Professional Indemnity Insurance in place at the time a claim is made, then you could face unexpected financial loss. For this reason, general guidance is that you arrange a minimum of six years' 'run off' cover.
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