PII Cover Flashcards
What is the minimum level of cover for firms
£250,000 firm earning £100,000 or less
£500,000 firm earning £100,001 to £200,000
£1,000,000 firm earning £200,001 or more
What is the maximum uninsured excess for firms
Indemnity less than £500,000 greater of 2.5% of insured amount or £10,000
Indemnity greater than £500,000 it is 2.5% of the insured amount
What standards must all PII policies meet?
- Policy must be on a ‘each and every’ claim basis
- Policy wording is written on a full civil liability basis
- Minimum level of cover must based on the firms turnover for the previous financial year
What services does the RICS provide for PII cover
RICS provides the assigned risk pool and run off pool which are for firms that cant obtain PII or run off cover.
What change in PII is occurring on the 1st of May?
Insurers are unable to prove a fire safety exclusion to PII for 4 storey buildings without express permission and reasoning
What is retroactive cover
Insurance for a period of prior work
What is the minimum level of run off cover for consumer claims?
£1,000,000 for 6 years
You have just started a new business. What is the minimum level of PII you should claim for?
Depends on your quoted amount of turnover for that year. Best to speak to a PII broker to have a better sense of the claim. If still unsure a backstop figure of £1,000,000 would cover any potential eventualities.
On what basis does RICS require a firm to have PII?
Firms are required to have PII on an each and every claim basis meaning that there is no cap on the number of claims for insurance that can be made during the year.
