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Welcome to Indemnity Risk Solutions LLP
Our Surveyors Policy provides cover to RICS and non RICS members including NAEA and ARLA members and provides cover not just to surveyors and estate agents but also property managers, auctioneers, planning supervisors & town planners to name but a few.
Our policy includes cover for
Civil liability
Loss of Documents
Dishonesty
Innocent Non Disclosure
And complies with the minimum terms set down by RICS and the NAEA.
To obtain a quotation, use the following options:
Post, fax or email a copy of a currently completed proposal form
Post, fax or email a completed IRS proposal form
Phone us with your details which will be passed onto one of our dedicated underwriters
Professional Indemnity Regulations - Limit of Indemnity
The Royal Institution of Chartered Surveyors
The minimum limit of indemnity is
- £250,000 each claim where the gross fee income did not exceed £100,000 in the firm’s last financial year
- £500,000 each claim where the gross fee income exceeded £100,000 but did not exceed £200,000 in the firm’s last financial year
- £1,000,000 each claim where the gross fee income exceeded £200,000 in the firm’s last financial year
The minimum excess is
- Where limit of indemnity is up to and including £500,000; a maximum of 2.5% of the sum insured or £10,000 whichever id the greater
- Where the limit of indemnity is more than£500,000 a maximum of 2.5% of the sum
The Royal Town Planning Institute (RTPI)
The minimum limit of indemnity is £100,000 aoc where fees are less than £40,000 or 2.5 x income where income exceeds £40,000 but not £200,000 or £500,000 where income exceeds £200,000.
The excess shall not exceed £7,500 if the limit of indemnity is £250,000 or less; If the limit is more than £250,000 – not more than 2.5% of the sum insured or £10,000 whichever is the greater.
Collateral Warranties
Often, construction professionals are requested to be party to a collateral warranty and for many they are a normal occurrence during the course of their professional business. We have put together a guide for our construction professional insureds which they may wish to consult before entering into a collateral warranty. We hope this is found to be a useful tool.
click here to download.
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