Client Care Flashcards
What are the requirements for PI cover
Minimal level of cover
Maximum level of excess
Run off cover (6 years min)
Cover each and every claim or in the aggregate with round the clock reinstatement’s
Fully retroactive cover
RICS APPROVED INSURER
What is professional indemnity insurance
It protects individuals and firms against claims for loss and damage as a result of negligent service/advice
What are the minimum PI Levels
Turnover in preceding year:
£100k or less - £250k cover
£100 - £200k - £500k cover
£200 above - £1m cover
What are some of the PI requirements for firms
The nature and extent of the insurance must be adequate and appropriate having regard to:
An each and every claim basis or aggregate plus unlimited round the clock reinstatement’s
RICS minimum policy wording or more comprehensive wording (full civil liability illy basis)
The minimum level of indemnity based on firms turnover in the previous year
What is retroactive cover
It is cover all former work carried out by the firm, including past and present employees
What is run off cover
Following a form ceasing to trade, RICS requires firms to obtain fully retroactive run off cover.
To be in place for 6 years from cessation of the practice
What is run off pool
Firms that are unable to obtain run off cover from their insurer or the market will be able to apply for coverage to the run off pool.
How do you trailer your approach in dealing with people on levels of understanding?
Why is this important?
I use examples / diagrams such as an organogram to detail project / contract structures
It is important, as on many projects they will be varying people with different experience. Useful/Key Communicatoon skill as a PM
Explain a time about a time you have delivered good client care
I was asked to provide guidance on party wall matter which I did not have relevant expertise so I put them in touch with a colleague who could better assist.
What are included in terms and conditions
Scope of services
Fees and payments
Standard limitations
Insurance
What are the steps you need to consider when a client requests a fee proposal
Gather all information on the services required
Carry out a conflict check
Have I got capacity to deliver the services
Why is it important to have an agreed scope of services
So there is no ambiguity as to services being provided
To ensure appropriate level of insurances are in place
To prevent a dispute
You advised you developed a scope of services, how did you protect your firm
Exclusion in the appointment
Cap on liability
What are terms of engagement
Define scope and services you will provide and set out the facts of what you have been asked to do
What would you include in an appointment letter
