For surveyors that undertake valuations, the insurance market has proved to be extremely unstable as it has been swamped with valuation claims. As a direct result of this, the overall insurer appetite has been depleted and rates have increased for this area of work. For surveyors that do not undertake valuations, there is currently much more appetite in today’s market and therefore rates remain competitive.
In conjunction with the rules set by The Royal Institute of Chartered Surveyors (RICS), all chartered surveyors in private practice are required to purchase Professional Indemnity Insurance from an approved insurer. A full list of RICS-approved insurers can be found here.
Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies.
Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at www.lloyds.com/brexittransfer
