Does your firm have professional indemnity insurance in place that complies with the rules?
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
For further information, please see the PI Policy sheet here Professional Indemnity Insurance.
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