Professional Indemnity Insurance (PII) in the UK and Republic of Ireland

As outlined in the global RICS Rules of Conduct Appendix A: Professional obligations to RICS, ‘RICS-regulated firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS’.

RICS requires RICS-regulated firms in the UK and Republic of Ireland to meet further detailed PII cover, which meets the minimum terms required by RICS. This page outlines information on those requirements and further detail is provided in the links at the bottom of this page.

The current system for PII is that each member firm is required to purchase a policy, usually on an annual basis, in accordance with the Approved RICS Minimum Policy Wording. PII must be provided by a RICS Listed Insurer. A Listed Insurer is one that has agreed to provide cover in accordance with the Approved RICS PII Requirements and Minimum Policy Wording, has a minimum security rating and that subscribes to the Assigned Risks Pool (ARP), the scheme for members who are unable to get PII in the open market.