The RICS minimum policy wording is unchanged for 2022.
The RICS UK PII Requirements have been updated to reflect a change to the excess requirements. Following consultation, the excess requirements for larger firms have been removed, whilst the 2.5% maximum excess requirements for smaller firms remains. The turnover limit above which there will be no excess requirements is set at £10m.
A number of new insurers have entered the RICS PII market this year, providing increased competition in the PII market, including:
A full list of RICS approved insurers is available here.
Insurers are not permitted without specific dispensation to exclude fire safety claims on a property four storeys or less and fire safety coverage must be provided, as a minimum, on an aggregate, defence cost inclusive basis.