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PII in the UK

PII in the UK

2022 RICS Approved Minimum Wording

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.

RICS’ response to the consultation

Approved Insurers

A number of new insurers have entered the RICS PII market this year, providing increased competition in the PII market, including:

  • Allied Worldwide Assurance Company (DAC)
  • Accredited Insurance
  • Berkshire Hathaway Specialty Insurance

A full list of RICS approved insurers is available here.

Fire safety

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.

 

Find out more about regulation