Professional Indemnity for Surveyors
The need for professional indemnity (PI) cover has grown over the past several decades as more people enter professional service-based occupations such as Surveying. Protect yourself, your business and your reputation by investing in professional indemnity cover.
PI insurance safeguards against catastrophic losses in the event of a legal action due to a negligent act, error or omission by the professional. In addition to claims of error, omission or negligence, PI insurance may also protect against slander, libel and breach of contract.
Why Do Surveyors Need Professional Indemnity?
It is appropriate cover for Surveyors in order to help protect against the cost of settling or defending a claim that there's a problem with the work you've done for a client. Professional Surveyors are prime candidates for carrying PI insurance. The main reasons professionals seek out PI insurance include the following:
- Cover against negligence or breach of duty of care
- Infringement of intellectual property rights
- Breach of confidence
- It is contractually required by the customer
- It provides extra protection against potential legal costs and expenses
Surveyors Bespoke PI Policy Overview
PI insurance offers protection for service errors, contract performance disputes or any other professional liability issues. These policies can include legal defence costs, damages and compensation due to professional negligence, which can be substantial. Our bespoke Professional Indemnity Insurance for Surveyors includes:
- RICS compliant
- CIOB compliant
- Cover for Non-Chartered Surveyors available
- Building surveys covered
- Land surveys covered
- Auctioneering covered
- Quantity surveying covered
- Rating work covered
- Valuations for both lending purposes and non-lending purposes covered
- A rated insurers
- Access to exclusive markets
PI policies generally have both a claim limit and an annual limit, which is based on the insured’s exposure. The claim limit is the maximum amount that will be paid for any single event, and the annual limit is the maximum that will be paid in any one year. Also common extensions include continuation of cover, liability for loss of documents, and court attendance and staff disruption costs.
There are common exclusions typically found in PI policies, including liability for non-financial losses and intentional, dishonest or fraudulent acts by the professional.
Why Inspire Insurance?
There are many different forms of professional liability insurance and various factors to consider when purchasing PI cover for your business. Because there isn’t a standard policy, an experienced broker who understands your company and can knowledgeably design a policy to meet your needs is invaluable. Contact Inspire Insurance Services on 02475 189625 to learn how PI insurance fits into your total risk management programme.
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