9 August 2023

Summer 2023 Bulletin for CAAV Members…Insurance Facility Updates

CAAV Members' PII Facility (Update)

This facility has once again been the subject of a ‘refresh’ with additional Insurers now on board as
part of a panel arrangement.

We have touched upon the ‘hard’ insurance market in previous bulletins but with a very different
message for CAAV members. Those insured on the members’ facility through this period will
have seen a more stable and focused approach from the Insurers when other sectors, including
Surveyors more generally, have faced tremendous premium pressure, as Insurers and Reinsurers
reduced cover and their appetite for risk.

The refreshed members’ facility will continue to:

  • Provide higher Limits of Indemnity (a number of practices buy up to £20m) even where there may be some significant valuations undertaken, for lenders or otherwise.
  • Offer very competitive rates and cover with a focus on your specialist areas of practice,
    examples being AMC valuations, auctions including livestock, fine art, farm dispersals etc.,
    estate management, agri-environment schemes, farm business advice, promotion and option
    agreements, CPO’s and compensation work, easements etc.
  • Offer further reduced rates where this work is undertaken by FAAV qualified staff usually
    resulting in lower premiums.
  • Apply lower policy excess levels and again specifically so where work is carried out by FAAV
    qualified staff.

Cyber Insurance (Coming soon)

A more specific bulletin will follow shortly but we are shortly launching a CAAV Members Cyber
Insurance facility, again using a panel of insurers where the recommended Insurer product will be
determined by the size of the Practice, e.g. whilst there are common threats, the needs of a multi-million
pound Practice may well differ from those of a smaller, sole practitioner, operation.

Trustee Liability (Update)

Whilst we touched on this within our recent Winter bulletin, we do also now have in place a facility
offering a specific Trustee Liability policy for those members undertaking such a role.

The relevant board of trustees etc. may wish to have the comfort of a wider policy protecting the
various personal liabilities that can attach to them rather than being reliant upon the more limited
‘professional liability’ extensions that can be facilitated on e.g. a RICS Professional Indemnity

If you have any queries based on the content above please do contact us, alternatively, if
you would like us to make contact with you in connection with your renewal we’re happy to do so.

If you wish to download this bulletin, you can do so here.