In December 2021, as part of RICS’ Standards and Regulation Board (SRB) review of RICS’ professional indemnity insurance requirements in the UK, the Board approved a series of initial recommendations.
Today, RICS is publishing RICS PII Market – Call for Views, which provides a summary of the progress made in RICS’ review of its PII requirements and seeks views on a series of proposals and recommendations.
The document provides an overview and analysis of the issues currently affecting the PII market, alongside a series of short-term actions RICS can undertake to alleviate some of the pressures in the market, as well as proposals for medium-term structural changes to our PII framework.
This call for views is a crucial part of our policy development and we are keen to get as many responses as possible to ensure that feedback is representative of the profession in the UK, and so we have a clear understanding of the impact of our proposals.
We are also keen to get views from other stakeholders, in particular insurers and brokers who will be integral to the success of many of the proposals, and consumers of surveying services, including private consumers and commercial clients, including banks and lenders.
This call for views will run from January 20th to February 24th.
Contribute to the future of RICS’ professional indemnity insurance market and tell us what you think about our proposals. Your feedback will help shape the next phase of RICS’ review of professional indemnity requirements in the UK.
Alongside the call for views, we are also publishing a consultation on some changes to the RICS Minimum Policy Wording for 2022.
To have your say on proposals to amend RICS’ professional indemnity insurance Minimum Policy Wording follow the link below.
Professional Indemnity Insurance was raised as a significant issue in the recent Independent Review of Real Estate Investment Valuations, the review which was commissioned by RICS’ independently-led Standards and Regulation Board and carried out by Peter Pereira Gray. We recognise the significance of this review and the recommendations arising from it, and this Call for Views will help to inform our response to issues within the PII market, including in the valuation sector.