Collegiate Underwriting – Surveyors
All our quotations are individually underwritten so you can be sure that sure premium reflects your firm’s unique circumstance.
At Collegiate we provide cover for Chartered Surveyors who are members of the Royal Institute of Chartered Surveyors (RICS) as well as those who are unqualified but highly experienced in their field or hold relevant qualification from other professional bodies.
Professional indemnity (PI) insurance is compulsory for members of the RICS. Collegiate is an approved RICS insurer and our policy meets the standards required by the institute.
For a quotation
Please download and complete the proposal form on the right, or send a copy of your current insurer’s proposal to underwriti[email protected]. If you prefer to speak to the team please call us on 020 7459 3456.
- Direct contact with the underwriter
- Civil liability cover
- Limits of Indemnity up to £5 million Criminal defence costs with regard to any statute that applies to your business e.g. the Property Misdescriptions Act/Estate Agents Act
- Innocent non disclosure clause for firms regulated by the RICS Coverage – cover is included for criminal defence costs relating to any regulation or statute which applies to your business, for example the Construction, Design and Management (CONDAM) Regulations.
- Industry leading claims service
- A-(Excellent) policy security
For the policy to comply with the RICS Rules then it must meet the following criteria
- Be underwritten by an RICS listed insurer
- Incorporate RICS minimum policy wording
- Be retroactive for at least 6 years, or to the date your firm began trading if this date less than 6 years ago
- Have a level of indemnity of at least £250,000 (higher levels are required if the firm’s turnover is over £100,000, if turnover is between £100,000 and £200,000 then the amount increases to £500,000, and to £1million if turnover exceeds £200,000)
- The limit of indemnity must be on an each and every claim basis
- Uninsured excess of a maximum of 2.5% of the limit of indemnity or £10,000
Lending Surveys & Valuations
As you are aware, Surveyors have been hit with large & frequent claims relating to lending surveys & valuations. We are able to consider cover for firms who have in the past provided this service but only where the income from this work is incidental to the overall business. We are unable to offer terms to firms who are still active in this field.
All PI insurance is on a claims made basis, that means you must have an active PI policy at the time a claim or allegation is made against you. It is important to remember that once a PI policy expires you can no longer make any claims against it. Therefore you need to consider maintaining your PI insurance once you cease trading. This is called Runoff Insurance and provides protection against any claims which may arise from work you undertook in the past. The RICS require all of their members to carry Runoff insurance for a minimum of six years once they cease trading, and that they consider maintaining it after this period. Runoff is an annually renewable policy, the premiums will usually reduce each year to reflect the reducing exposure to insurers.