One insurance broker has announced the launch of a new professional indemnity insurance policy aimed towards surveyor firms with fee incomes of less than £750,000 a year.
The new RiskSurv business liability insurance cover launched by Howden Insurance Brokers is designed to cover firms regulated by the Royal Institution of Chartered Surveyors. With underwriting by Zurich and Barbican Syndicate 1955, the new professional liability insurance product was specifically developed with the needs of both sole traders and smaller-sized firms in mind.
The cover is suitable for a large selection of firms that regularly operate in the property sector. Howden stated that the cover would be an attractive choice for estate agents, town planners, and building surveyors alike.
Firms that take out the new RiskSurv policy will be provided with access to the legal panel of the broker. The panel would provide legal advice for free in regards to matters related to commercial insurance questions.
Emma Vigus, surveyor team leader for Howden, commented on the launch. Ms Vigus stated that the firm recognises how critical it can be to achieve a competitive professional indemnity insurance premium during a challenging economic landscape. The team leader stated that Howden’s new RiskSurv offering will aim to deliver just that level of cover to its clients.
Ms Vigus also stated that Howden wanted to make sure that smaller-sized surveying firms have the opportunity to get advice from experts within their sector when and if they need it.
Industry experts agree that firms need to have proper insurance cover in the event that a client brings a claim for damages after relying to their detriment on work done by a surveyor on their behalf.