You are viewing 1 of your 1 free articles
New RICS guidance published to improve access to professional indemnity insurance post-Grenfell
The Royal Institution of Chartered Surveyors (RICS) has published new rules which will increase fire safety cover for surveyors hit by insurance exclusions after the Grenfell Tower fire.
The new approved minimum working and insurance rules came into effect on 1 April, meaning insurers will have to provide cover for fire safety claims on properties of four storeys or less.
The RICS said that since 2020, insurers have imposed “blanket fire safety exclusions” on professional indemnity insurance as a result of high-profile fire safety failures, with surveying firms increasingly being left uninsured.
Hugh Garnett, senior policy specialist at the RICS, said: “In the past 18 months, we have seen increasingly stringent fire safety exclusions being placed on PII policies, reducing the protection for chartered surveying firms and the number of firms who have been able to offer professional advice on properties with fire safety issues.
READ MORE
“We continue to work with government and other industry stakeholders to find practicable and affordable solutions for the profession for properties over four storeys, with the government’s commitment to developing an indemnity scheme for EWS1 [External Wall System 1] completers.
“RICS professionals have a vital role to play in helping find resolutions and these new terms will mean firms are better protected for their work to navigate this current crisis.”
The RICS also published a new guidance note on “risk, liability and insurance”, which provides advice to all regulated firms to understand and manage the main risks and liabilities associated with professional services provided by RICS members.
“This guidance aids RICS regulated firms on some of the main risks and liabilities associated with surveying work. It also aims to further improve relationships between firms and clients as it sets out clearly where liabilities lie, creating greater transparency between the client and surveyor,” Mr Garnett added.
The release follows new RICS guidance, published in March, that set out the circumstances in which mortgage providers should ask for EWS1 forms. The government said the guidance would cut the need for such forms for 500,000 leaseholders.
Sign up for our fire safety newsletter
Already have an account? Click here to manage your newsletters
