PII Flashcards

1
Q

run-off cover

A

To ensure that firms, members and their clients are not exposed to financial detriment in
the period following a firm ceasing to trade, RICS requires firms to obtain fully retroactive
run-off cover.

period of 6 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

minimum level of indemnity based on the firm’s turnover

A

£100,000 or less £250,000
£100,001 to £200,000 £500,000
£200,001 and above £1,000,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

purposes of having professional indemnity insurance

A

ensure that if the firm faces a claim, it is protected from financial loss that it cannot
meet from its own resources;

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

retroactive cover

A

work that you have previously undertaken

How well did you know this?
1
Not at all
2
3
4
5
Perfectly