Professional indemnity insurance requirements: UK (Record no. 122196)

MARC details
000 -LEADER
fixed length control field 04114cad a22002415a 4500
005 - DATE AND TIME OF LATEST TRANSACTION
control field 20250709110412.0
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 250709t2025 xxk fo 000 0 eng d
041 0# - LANGUAGE CODE
Language code of text/sound track or separate title eng
110 2# - MAIN ENTRY--CORPORATE NAME
Corporate name or jurisdiction name as entry element Royal Institution of Chartered Surveyors
9 (RLIN) 4900
245 00 - TITLE STATEMENT
Title Professional indemnity insurance requirements: UK
Medium [electronic resource]
250 ## - EDITION STATEMENT
Edition statement version 11
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Place of publication, distribution, etc. London,
Name of publisher, distributor, etc. RICS,
Date of publication, distribution, etc. 2025
490 #0 - SERIES STATEMENT
Series statement RICS Rules of Conduct
500 ## - GENERAL NOTE
General note Following a public consultation undertaken from 27 February to 4 April 2025, the RICS Standards and Regulation Board (SRB) has approved a series of changes to the RICS PII Requirements and associated Minimum Policy Wording. These changes take effect on 1 July 2025.
520 ## - SUMMARY, ETC.
Summary, etc. Version 11 with effect from 1 July 2025
520 ## - SUMMARY, ETC.
Summary, etc. Any one claim coverage<br/>RICS has decided to retain the existing approach, which allows both ‘any one claim’ and aggregate cover under certain conditions. While the consultation explored moving to a single ‘any one claim’ model, strong feedback from insurers and brokers highlighted the risk of market disruption. RICS will continue to monitor market conditions and may revisit this issue in future.<br/><br/>Cancellation of PII policies by insurers<br/>From 1 July 2025, a new cancellation clause will be introduced into the Minimum Policy Wording to improve clarity and consistency. The clause allows cancellation for non-payment of premium only after a two-stage process: an initial 30-day payment period followed by a 30-day cancellation notice. This change aligns with market practice and ensures fair notice and continued claims protection during the notice period.<br/><br/>Cancellation of PII policies by RICS regulated firms<br/>From 1 July 2025, the Minimum Policy Wording will include clearer provisions outlining the circumstances in which RICS regulated firms may cancel their PII policies. While cancellation has been permitted in practice, these changes formalise the process, allowing cancellation with 30 days’ notice in defined situations such as: material risk changes; firm mergers; insurer credit downgrades; or mutual agreement. This is subject to replacement cover being in place. The update enhances transparency and consistency while maintaining appropriate safeguards.<br/><br/>Notification to RICS of cancellation of policy<br/>From 1 July 2025, the notice period for insurers to inform RICS of a policy cancellation will increase from five working days to 30 calendar days. This change, implemented through the Listed Insurer Agreement, strengthens regulatory oversight and gives firms more time to arrange alternative cover, while avoiding changes to the policy wording itself.<br/><br/>Consumer run off<br/>From 1 July 2025, RICS is introducing clarifying amendments to the consumer run-off provisions in the Minimum Policy Wording. These confirm that six years of consumer run-off cover will apply where payment (or part payment) of the premium has been made. The wording also clarifies that this applies specifically to consumer run-off, ensuring regulated firms understand that business-to-business run-off cover must be purchased separately. These changes enhance clarity and help protect consumers.<br/><br/>Fire safety<br/>From 1 July 2025, RICS has updated the Minimum Policy Wording to clarify that, where applicable, certain fire safety coverages relate specifically to negligent acts, errors, or omissions. This addresses insurer concerns and avoids confusion. The definition of fire safety has also been revised to explicitly include internal fire safety components, reflecting current market standards. While full civil liability coverage for buildings five storeys and above is not reinstated at this time, RICS will continue to monitor market and regulatory developments.
650 24 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element RICS MEMBERSHIP
650 24 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element PROFESSIONAL INDEMNITY INSURANCE
650 24 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element RICS RULES OF CONDUCT
651 #4 - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME
Geographic name International
856 48 - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier <a href="https://www.rics.org/content/dam/ricsglobal/documents/regulation/RICS-Professional-indemnity-insurance-requirements_UK-and-Republic-of-Ireland_020725.pdf">https://www.rics.org/content/dam/ricsglobal/documents/regulation/RICS-Professional-indemnity-insurance-requirements_UK-and-Republic-of-Ireland_020725.pdf</a>
Public note Available via RICS.org
942 ## - ADDED ENTRY ELEMENTS (KOHA)
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