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