PII Flashcards
1
Q
run-off cover
A
To ensure that firms, members and their clients are not exposed to financial detriment in
the period following a firm ceasing to trade, RICS requires firms to obtain fully retroactive
run-off cover.
period of 6 years
2
Q
minimum level of indemnity based on the firm’s turnover
A
£100,000 or less £250,000
£100,001 to £200,000 £500,000
£200,001 and above £1,000,000
3
Q
purposes of having professional indemnity insurance
A
ensure that if the firm faces a claim, it is protected from financial loss that it cannot
meet from its own resources;
4
Q
retroactive cover
A
work that you have previously undertaken
