What is a Listed Insurer?

RICS have a list of insurers that is renewed annually. Each year Insurers are invited to apply to be a listed insurer and provided they meet with RICS criteria, as detailed below, they will be accepted.

"Listed Insurer" means an insurer who; 

(a)   is authorised by the Department of Trade and Industry in the United Kingdom or the Department for Enterprise and Employment in the Republic of Ireland to underwrite general liability insurance business or is in some other way recognised by the Department of Trade and Industry or the Department for Enterprise and Employment to provide professional indemnity insurance business in the United Kingdom or the Republic of Ireland respectively

or              

is in some other way recognised by the Department of Trade and Industry or the Department for Enterprise and Employment to provide professional indemnity insurance business in the United Kingdom or the Republic of Irelandrespectively

or     

is an insurance company the head Office of which is in a member state of the European Union other than the United Kingdom and which is entitled to carry on insurance business as a branch in the United Kingdom and the Republic of Ireland on the freedom to provide services basis.

 (b)        is rated within AM Best at least B+ or Standard & Poors at least Category BBB or have specific written approval from RICS to waive the requirement; and

 (c)        agrees to write a policy that is no less comprehensive than the form of the RICS policy wording [subject to any derogations for Firms within the Assigned Risks Pool] in force at the time when the policy of insurance is taken out; and

 (d)        agrees to underwrite, for the period of the contract,  the ARP lineslip contract  terms as set out in this Prospectus for Listed Insurers and to be bound by the terms thereof for such period as may be agreed between the RICS and the Listed Insurer; and

 (e)        is listed by the RICS for the purposes of the Assigned Risks Pool.

Do RICS have listed brokers ? 

We do provide a list of brokers. Where the Insurers list is prescribed and each insurer is contracted, the brokers list is merely a compilation of brokers that members may want to use.

What should members ask their broker?  

The Association of Insurers and Risk Managers has developed a set of questions for the buyers of insurance to use as a checklist with their broker. This is not an exhaustive list, nor will it be appropriate for all organisations, however it is a useful starting point.