Following members’ concerns regarding the availability of professional indemnity (PI) cover amid market anxiety of an upsurge in claims against surveyors, the Royal Institution of Chartered Surveyors (RICS) has published a consultation document calling for dialogue between interested parties over the next 3 months.
Topics within the consultation document include the availability and pricing of surveyors’ PI, consideration of an alternative “claims occurring” basis of the insurance for the future, and an investigation of market abuse by lenders. The RICS is also looking to open a dialogue with the Solicitors Regulation Authority regarding unethical claims practices by solicitors under “no win no fee” arrangements, which are currently contributing to the insurance issues facing surveyors.
The results of the consultation are now awaited with eagerness in many quarters, and are expected next year.
