The Royal Institute of Chartered Surveyors, RICS, published its update list of “Listed Insurers” on 1st October 2011.  The RICS issue a list of insurers who have obtained listed status by meeting a number of prescribed criteria.  RICS Members are required to purchase Professional Indemnity Insurance cover from one of the listed insurers and must obtain cover on a policy wording stipulated and worded in line with a policy wording agreed between the RICS and the insurance industry.    

The criteria used by the RICS in compiling its list of insurers include the insurers authorised or recognised status, their credit rating status, their agreement to write their policy in line with certain agreed contract terms and on a no less comprehensive basis than the RICS policy wording.  Insurers must also be listed for the purpose of the assigned risk pool which is a insurance option of last resort for surveyors who are unable to obtain PI in the open market.

Whilst a PI Insurers policy wording does not need to mirror, word for word, the RICS template, it does need to duplicate the policy conditions as well as being on an any one claim, civil liability basis.  For more information about the required coverage’s and minimum required RICS limits please go to our surveyors page.

A copy of the minimum wording can be viewed on the RICS web site.