Advancing Standards in Party Wall Surveying
Professional Indemnity Insurance
Why should I take out Professional Indemnity Insurance?
Everyone makes mistakes from time to time. It is a fact of life and no one is immune. Indeed, many of the world's business leaders openly acknowledge that they have learned from their mistakes.
Most errors won't have any adverse effect but there is always the possiblity that one might result in your appointing owner suffering a loss. In this respect party wall surveying is no different to any other profession involving property, contruction or law and you need to protect yourself by taking out professional indemnity insurance.
However, in one respect party wall surveying is significantly different: The work appointed surveyors undertake is dictated by the Party Wall etc. Act and provided they act within their statutory jurisdiction, the risk of being sued is less than for many of the allied disciplines. This results in lower premiums.
What do I need to be covered for?
Professional indemnity (PI) insurance can provide cover against a wide range of potential issues and you will need to discuss with your broker/insurer what suits your needs best and the level of cover required. Protection against a claim for negligence is essential.
If you propose to offer party wall surveying as an additional service to an existing business, it should be simple to extend your present PI cover.
Should your intention be to set up an independent party wall surveying practice, we recommend you consider also taking out a public liability insurance policy at the same time. Such policies are available at fairly nominal cost.
Who provides professional indemnity insurance cover?
A Google search for 'professional indemnity insurance uk' produces two million results, amongst them the names of some well known insurance companies and brokers. However, biggest is not always best.
We are insured by Anchorman Insurance and find them very easy to deal with. Based in the West Country and specialising in smaller practices, they offer very competitive premiums and insure over 2,500 property professionals across the UK. Click on the link below to find out more. We do not take any commission or other remuneration on policies that delegates may take out with their company and simply put them forward as an alternative. This is what they have to say:
"I am very pleased to advise that we are now in a position to be able to offer Professional Indemnity Insurance quotations to your course delegates. Obviously, each risk will be considered individually by the Insurer and based entirely on their own merits and we cannot guarantee acceptance by Insurers. However, where the proposer holds a professionally recognised qualification from yourselves, this will be a major advantage to them."