A surveyors role and responsibilities can vary wildly from one professional to the next and due to the complex nature of surveying risks it is vital insurers fully understand the business of the insured and their undertakings. The term ‘Surveyor’ encapsulates a broad spectrum of activities ranging from Quantity Surveying through to Planning & Development and Estate Agency.
All Chartered Surveyors are members of the Royal Institute of Chartered Surveyors (RICS). The Royal Institue of Chartered Surveyors is a regulatory body established to ensure consistency in their members duties. All Chartered members are required to adhere to strict guidelines in order to maintain their RICS status. RICS regulates and promotes the profession and provides other services to its members such as information and guidance. RICS requirements are many and varied, but chiefly among these is the statute that all members must hold Professional Indemnity Insurance provided by one of a select panel of pre-agreed insurers and that minimum levels of indemnity are maintained by all members. RICS approved status is often seen as a ‘seal of approval’ for a surveyors client.
Not all Surveyors are RICS accredited but both non-members and members require a policy suited to their specialist needs.
Surveying has, due to claims trends, especially in the past 3 years, been a heavily scrutinised profession by underwriters. As with any class of insurance that experiences sustained loss, rates have increased over this period and a majority of insurers have amended their tact in dealing with surveyors accordingly. This includes limiting their exposure to surveying for lending purposes, increased excesses and more comprehensive data capture at renewal.
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