Rules and procedure for admission to the RICS Assigned Risks Pool version 4 with effect from 2 February 2022 [Electronic resource]
Language: English Series: RICS RegulationPublication details: London, Royal Institution of Chartered Surveyors, 2022Description: 11pSubject(s): Online resources: Summary: To ensure the availability of professional indemnity insurance (PII) RICS has a market facility, the Assigned Risks Pool (ARP). The ARP is collectively underwritten by all RICS Listed Insurers and managed on behalf of insurers and RICS by Miller Insurance Services LLP. The ARP is open to all UK RICS regulated firms that are unable to obtain PII, which meets the minimum requirements of RICS. RICS recognises that circumstances may arise where a firm may be unable to obtain PII and unable to comply with the RICS PII requirements. Firms may be unable to obtain PII for a variety of reasons and the inability to obtain terms in the insurance market is not necessarily a reflection on your firm. Where this happens, the ARP is a facility to which a firm may apply to enable it to comply, in some cases to a more limited degree, with the RICS insurance requirements while the firm takes action to rectify the issues that that have led to it being declined PII.| Item type | Current library | Call number | Status | |
|---|---|---|---|---|
| Online material | Virtual Online | ONLINE PUBLICATION (Browse shelf(Opens below)) | Available |
To ensure the availability of professional indemnity insurance (PII) RICS has a market facility, the Assigned Risks Pool (ARP). The ARP is collectively underwritten by all RICS Listed Insurers and managed on behalf of insurers and RICS by Miller Insurance Services LLP.
The ARP is open to all UK RICS regulated firms that are unable to obtain PII, which meets the minimum requirements of RICS. RICS recognises that circumstances may arise where a firm may be unable to obtain PII and unable to comply with the RICS PII requirements. Firms may be unable to obtain PII for a variety of reasons and the inability to obtain terms in the insurance market is not necessarily a reflection on your firm.
Where this happens, the ARP is a facility to which a firm may apply to enable it to comply, in some cases to a more limited degree, with the RICS insurance requirements while the firm takes action to rectify the issues that that have led to it being declined PII.