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