It is a mandatory requirement of membership that business owners ensure their company holds appropriate Professional Indemnity Insurance. If you do not already have this in place, it can be arranged through any insurance broker but competitive quotes with up to a 20% discount, can be obtained through Agent Assure (part of Arthur J Gallagher) who are our insurance broker partner.
You can contact Agent Assure below:
Your firm will need one of four levels of cover depending upon your company's business activities and fee income. Please ensure your cover meets the appropriate level.
For business owner firms that undertake work that includes residential lettings or property management, the minimum levels of indemnity are as follows:
For business owner member firms that undertake work that does not include any element of residential lettings or property management, the limit of indemnity of the PI insurance policy should be a minimum of £100,000.
For business owner member firms that operate as a CASP, PI insurance cover should:
You will be required to make an annual declaration about the activities and fee income of your company so that we can ensure you have the correct level of PI insurance cover.
For business owner member firm’s PI insurance policy must include the following elements:
You must provide us with evidence of your professional indemnity insurance cover annually as a condition of continued membership of the Association. We would therefore ask that you forward to us evidence of renewal of your PI policy within 10 working days of your annual renewal date. Evidence should show the insured, the level of cover, duration of policy and insurer. Typically, this would be a copy of the front cover of your PI renewal schedule.
If you have a continuous policy, we appreciate that insurers do not always automatically provide a yearly schedule. We still require evidence that the policy is currently on cover. Insurers will normally provide a current schedule on request. Alternatively, a letter or email from either your broker or insurers would be sufficient. An invitation to renew or invoice is unfortunately not sufficient.
For further information on the Professional Indemnity Insurance requirements please see our FAQs page, or alternatively call 01926 417 365 or email email@example.com.
Please note: For Regulated by RICS companies, or companies regulated by the Law Society or the Law Society of Scotland, the above requirements do not apply. We accept evidence that a company is regulated by one of those organisations in lieu of our own regulation.