Professions: Surveyors

Professional indemnity insurance is compulsory for members of the Royal Institution of Chartered Surveyors (RICS). Cover must comply with a minimum standard policy wording and be placed with an approved insurer.

The RICS minimum requirements for professional indemnity cover are:

• £250,000, where the gross income of the practice does not exceed £100,000.
• £500,000, where the gross income of the practice is between £100,000 and £200,000.
• £1,000,000, where the gross income of the practice exceeds £200,000.

The excess under the policy is not to exceed:

• Where the limit is up to £500,000, 2.5% of the sum insured or £10,000, whichever is the greater.
• Where the limit exceeds £500,000, 2.5% of the sum insured.

At PI Direct, we specialise in providing competitive quotations to small and medium-sized firms.

We issue all quotations on a net basis and, because you can get a quote direct from us, there is no broker's commission or fee - meaning that your terms may be cheaper than would otherwise be the case.

Need a quote? Call us on 0800 294 8466 or