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Professional Indemnity Insurances
This is likely to be your largest single insurance expense.

The surveyor’s professional indemnity market is no different than a lot of other professional indemnity insurance markets, where only a handful of insurers underwrite a large percentage of all individuals/companies.

You will be required to purchase cover with an indemnity limit of at least £250,000 for firms with annual gross fees of £100,000 or less. For firms generating annual gross fees from £100,001 to £200,000, then you are required to purchase cover with a minimum limit of indemnity of £500,000. All firms with annual gross fees in excess of £200,000 are required to purchase cover with an indemnity limit of at least £1,000,000.

Cover can be provided for any limit of indemnity required. Only you know the true potential cost of you being held responsible for work you are carrying out on your client’s behalf or have already completed. When choosing an indemnity limit, you should try to consider the maximum claim that could be brought against you plus defence and claimants costs. The total of all these should allow you to pick the most suitable indemnity limit for you.

Which insurers do surveyorassist.com have access to?

  • AIG Europe (UK) Limited
  • W R Berkley Insurance (Europe)
  • Brit Insurance Limited
  • Chubb Insurance Company
  • Catlin Insurance Company
  • HCC International Insurance
  • Hiscox Insurance
  • Liberty Mutual Insurance
  • Markel Insurance
  • Norwich Union Insurance
  • Novae Insurance Company Limited
  • QBE International
  • Royal & Sun Alliance
  • Travelers Insurance
  • Zurich Insurance
So when is the best time to start considering your professional indemnity renewal?

Six weeks-eight weeks prior to renewal you should be collating all information required to complete the proposal form i.e. updated financial information and updated claims experience should you have had previous losses notified.

Please remember, the surveyors professional indemnity market is relatively small, as all insurers have their preferred areas of practice i.e. those they are competitive and those they are not. Do not involve anymore than three brokers, insurers who see presentations from more than three brokers for the same practice sometimes thereafter refuse to quote.

How do you obtain quotations via surveyorassist.com?

1. Download the proposal form below for completion and return along with the following :-
  • Updated Claims Summary Sheets for your Firm and any Firm to which you are a Successor Practice from previous insurers

  • Please provide additional in depth information for any large claims (outstanding and settled) confirming if measures have been put in place to reduce the potential of a claim again.

  • Sheet of current HEADED notepaper, crossed with 'surveyorassist.com'

  • Complete the supplementary surveying and valuing questionnaire if your company carries out these activities.
2. If you are a new venture / start up, cover can be incepted at anytime with the renewal date falling in line to the 1st October. when returning the completed proposal form please ensure you also attach curriculum vitae's in respect of principal / partners and also a detailed business plan and financial forecast for at least two years. The more information you provide to insurers, the more competitive the premium.

3. If you want straightforward advice and wish us to negotiate renewal on your behalf with your existing insurers as well as carrying out a marketing exercise, please also complete the letter of appointment which enables us to negotiate with your existing insurance company direct.

4. If you've had enough of form filling, forward us your completed renewal proposal form along with the ancillary information and quotations will be sourced *(may be subject to additional information as all insurer forms ask different questions)

PROPOSAL AND SUPPLEMENTARY FORMS
1 - Proposal Form  Click HERE
2 - Supplementary Surveying and Valuing Questionnaire  Click HERE

LETTER OF APPOINTMENT *
1 - Letter of Appointment  Click HERE
 

* Please print on your own letter headed paper.

Just return the completed proposal form and other information by email, fax or post to :-

Mark Ramsbottom
surveyorassist.com
Unit 10
Drill Hall Business Centre
Leeds Road
Ilkley
LS29 8EZ

Telephone: 0845 338 6080

Fax: 0845 338 6061

Email: enquiries@surveyorassist.com



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surveyorassist.com is a trading style of IMI Insurance Brokers Limited. IMI Insurance Brokers
Limited is authorised and regulated by the Financial Services Authority.
Registered Address: Unit 10 Drill Hall Business Centre, Leeds Road, Ilkley, West Yorkshire, LS29 8EZ.
Registered in England No 05853031.