General

Question 1

What is the hierachy of documents and their status

Answer 1

International standards - Mandatory
RICS professional statement - Mandatory
RICS code of practice - Mandatory or recommended good practice
RICS guidance note (GN) - Recommended best practice.
RICS information paper (IP) - Information and/or recommended best practice
RICS insight - Information only

Question 2

PII Insurance maximum excess

Answer 2

under £500,000 - 2.5% of sum insured or maximum £10,000

over £500,000 - 2.5% of sum insured

Question 3

Professional Indemnity Insurance –April 2020 Update

Answer 3

Challenges in the PII market
A restriction in availability as a result of a 2018 Lloyds of London review, which highlighted the under-pricing of PII meant that two thirds of syndicates were underwriting at a loss;
•Economic uncertainty initially around Brexit, which is now exacerbated by COVID-19; and,
•Ongoing insurer concern around fire safety and cladding

change our minimum insurance requirements (the terms in which insurers sign up), to provide greater flexibility on the terms which insurers can write PII for RICS regulated firms and amend our Assigned Risk Pool to be more agile and accommodating for firms that could not find affordable PII in the open market.