Negligence and PII

Question 1

what is negligence ?

Answer 1

Negligence is breaching your duty of care to a client.

Question 2

How to avoid negligence?

Answer 2

1. Clear understanding of clients objectives?
2. be competent.
3. Undertake work in accordance with RICS professional standards.
4. Make detailed notes and photos.
5. Maintain CPD and stay up to date.
6. Cap the PII liability on policy in EA

Question 3

What is TORT-

Answer 3

1. Under the Limitations Act 1980.
2. A claim can arise 6 years from the date of negligence OR WHEN THE LOSS OCCURED.

Question 4

What is Run of Cover.

Answer 4

Run of cover ensures that the claim is covered for 6 years.

Question 5

what is the RICS risk pool ?

Answer 5

Insurance for members

Question 6

what should the CAP on liability be ?

Answer 6

This depends on individual instructions.

Question 7

what is the PII for Firms ?

Answer 7

0- 100k= £250k
101-200= £500k
201 and above - £1M

Question 8

why is PII important

Answer 8

To protect clients and surveyors against negligence claims

Question 9

What are the RICS PI requirements

Answer 9

Updated in 2022-
1. Appropriate cover must be in place.
2. Underwritten by RICS insurer
3. Minimum cover is based on turnover.
4. Send RICS certificate of insurance annually
5. Notify insurers of potential claims.