Professional Indemnity Insurance - RICS Minimum Policy Wording
RICS negotiates a minimum policy wording with the insurance market. 

We aim to provide a minimum basis of cover that you can use and add to, if required, to meet your risk profile.

We regularly review the policy wording to ensure that it is appropriate for the ‘average’ surveyor. 

Below is a summary of the changes made recently, which will be effective from 1 April 2008.  To view a full copy of the latest policy wording please see www.rics.org/pii. 

The intent of the review which led to these new wordings was to address one particular area of cover, and resulted in a very small number of other alterations, where it was felt absolutely necessary for the ongoing integrity of the wordings. 

Preamble
A clause has been inserted [item (4)], which is intended to clarify that any legislation referred to in the wording will include any subsequent amendments to that relevant legislation. 

Section F - Exclusion No 19 - Pollution
This clause has been amended to provide a limited amount of cover (in addition to the very limited amount of cover already provided), along similar lines to the Asbestos exclusion.

Cover is limited to negligent act, negligent error or negligent omission, with an aggregate, costs and expenses inclusive, limit of indemnity. Specialist investigation work (an ENVIRONMENTAL AUDIT, as defined) is specifically excluded, which again corresponds what has been done previously with Asbestos Inspections. 

Section G - Definitions and Interpretations
There are new definitions (10.) of ENVIRONMENTAL AUDIT and (12.8.) INDEMNITY LIMIT FOR POLLUTION and the remaining definitions in this section have, accordingly, been re-numbered. 

Policy schedule
Now includes a new INDEMNITY LIMIT (4.h) for POLLUTION.

If you have any questions regarding the above please contact RICS Insurance 020 7334 3817.