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Flashcards in The principles of Professional Indemnity Insurance Deck (3)
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1

What should valuers consider in relation to PII?

Adequate PII + run-off cover in place to comply with Rule 9 of RICS ROC

Ensure that PII terms provide cover where assignment is permitted, or may expose valuers to additional risks

Consider if insurance protecting against claims for negligence may require valuer to have particular qualifications

Include certain limiting clauses in every report and valuation

2

What is the relevant guidance notice relating to PII and valuations?

Relevant GN: RICS Regulation PII guidance, Risk, Liability and Insurance in Valuation Work, January 2013

3

What does the GN: RICS Regulation PII guidance, Risk, Liability and Insurance in Valuation Work, January 2013 stipulate?

Careful attention to TOE (including the use of liability caps)

Consistent quality in valuation practice and reporting = fundamental to effective risk management

Valuers’ policies typically provided on a ‘claims made’ basis = the annual policy in force when the claim is made, regardless of when the relevant work was done

Appropriate run-off cover must be in place