We have received the following advice from Simon Marsh of Fraser Miller …
Due to the problems in the Insurance Market, Chartered Surveyors need to be more proactive when dealing with the renewal of their Professional Indemnity Insurance. The RICS Assigned Risks Pool is currently inundated with Surveyors seeking cover and this is partly due to renewals not being addressed early enough.
Advice to ISVA members is:
- Complete and return your Professional Indemnity Renewal Declaration form 6 weeks prior to renewal.
- Ask your Insurance Broker if the Insurer they are currently with is still providing PI for Chartered Surveyors.
- If the answer to question 2. is NO, then you must ask your Broker what alternative Insurers they work with will insure their business.
- Subject to you having submitted all the information required from them, Insurers should be able to quote at least two weeks prior to renewal. If you have not received renewal terms within two weeks, you must chase your Broker hard for terms.
Fraser Miller will be pleased to assist ISVA members requiring a second opinion or alternative quotation.
They can be contacted on email@example.com or 01932 347828