Surveyors Insurance

Even if you’ve done nothing wrong, the cost of defending yourself against claims of negligence or mistakes that leave your client out of pocket can be very high.

• Negligence – if you provide incorrect advice or make a mistake
• Breach of confidence – sharing (commercially) sensitive information without permission
• Lost or damaged documents, money or goods – if you lose money or lose/damage documents or goods whilst in your care
• Defamation – If you produce or support libellous comments
• Breach of copyright – Limited cover is available if you infringe copyright, trademarks or intellectual property (see intellectual property insurance for our full cover option)
• Employees – If your employee causes a loss for a client

• A client alleged negligence in the contract valuation and post-construction control.
• A claim was brought regarding certification by the Insured and the subsequent payments to contractors.
• The costs of a building project overran the initial projection by £300,000.
• An employee made an error in copying measurements, resulting in the final calculation being inaccurate.

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The other insurance you need will be based on your circumstances.

• Looking to close your business, then you may need Run Off Cover.
• If the Limit of indemnity needs to increase, then you need Excess Layer Insurance.
• Do you need to cover past works, then we can work with you to put a Retroactive Date on your PI Cover
• If you have employees, you will need Employers Liability Insurance.
• Do you have equipment that needs protecting? Then an Office Insurance policy can provide cover for your furniture, IT equipment, technical surveying equipment
• If you don’t want to be personally liable as a Director, a Directors’ and Officers’ insurance policy covers your defence costs and any compensation you must pay.

The Assigned Risks Pool (ARP) is a facility by the Royal Institute of Chartered Surveyors to provide temporary cover for their members’ firms who cannot secure professional indemnity insurance in the open market. There could be various reasons why a firm cannot obtain PI insurance. It will typically be because they have become a ‘distressed risk’ due to claims problems and no insurance company wants to insure them.

If this is you, MFL can still help. We are experts in supporting Surveyors with the provision of Professional Indemnity Insurance.

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Yes- it is imperative to secure ‘run-off’ cover for your previous practice after you cease to practise. This is to cover you for claims for work done while in practice but arising after the practice ceased trading. This requirement is in your interests, whether or not you think you might have a claim in future.