At Vantage Professional Risks, we understand that with regards to Professional Indemnity, surveying is regarded as one of the more traditional professions.
Despite this heritage however, the market for Surveyors Insurance continues to prove particularly challenging in more recent years. Put simply, insurers place surveyors into two groups: those that undertake valuations and those that do not.
For surveyors that undertake valuations, the insurance market has proved to be extremely unstable as it has been swamped with valuation claims. As a 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.