RICS professional indemnity insurance (PII) arrangements – UK and Republic of Ireland a consultation [Electronic resource]
Language: English Series: RICS ConsultationPublication details: London, Royal Institution of Chartered Surveyors, February 2025Description: 11pSubject(s): Online resources: Summary: RICS requires that all regulated firms hold ‘adequate and appropriate’ professional indemnity insurance (PII) as a protection for the clients they serve. In the UK and Republic of Ireland, the RICS Standards and Regulation Board (SRB) requires regulated firms to hold PII that meets the Minimum Policy Wording. As a result of several issues that RICS is aware of, RICS is proposing changes to the Minimum Policy Wording that, if approved by the SRB, would come into effect on 1 July 2025. RICS believe that these changes will maintain a high level of consumer protection and help firms to manage their liabilities effectively. Through this consultation, RICS is seeking feedback and views on the proposed changes to the existing Minimum Policy Wording for firms in the UK and Republic of Ireland and any associated changes to the listed insurer agreement (the agreement between RICS and listed insurers, who offer PII cover that is compliant with the Minimum Policy Wording to RICS-regulated firms). Consultation opened 25 Feb 2025 closes 22 April 2025.| Item type | Current library | Call number | Status | |
|---|---|---|---|---|
| Online material | Virtual Online | iConsult (Browse shelf(Opens below)) | Available |
RICS requires that all regulated firms hold ‘adequate and appropriate’ professional indemnity insurance (PII) as a protection for the clients they serve. In the UK and Republic of Ireland, the RICS Standards and Regulation Board (SRB) requires regulated firms to hold PII that meets the Minimum Policy Wording.
As a result of several issues that RICS is aware of, RICS is proposing changes to the Minimum Policy Wording that, if approved by the SRB, would come into effect on 1 July 2025. RICS believe that these changes will maintain a high level of consumer protection and help firms to manage their liabilities effectively.
Through this consultation, RICS is seeking feedback and views on the proposed changes to the existing Minimum Policy Wording for firms in the UK and Republic of Ireland and any associated changes to the listed insurer agreement (the agreement between RICS and listed insurers, who offer PII cover that is compliant with the Minimum Policy Wording to RICS-regulated firms). Consultation opened 25 Feb 2025 closes 22 April 2025.