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19.05.20
On 1st May 2020, new changes to Rule 9 of ‘Rules of Conduct for Firms’ from The Royal Institute of Chartered Surveyors (RICS) came into effect.
Due to the current unprecedented times and hardening PI market, there have been several changes made recently to the terms to which insurers need to underwrite for Chartered Surveyors’ professional indemnity insurance.
Previous changes to Rule 9 in January addressed some of the difficulties RICS members faced in obtaining run-off cover, which had been amplified by the UK’s economic situation.
RICS has now revised the Minimum Terms wording of Rule 9 again to help clarify the requirements to be met by both firm and insurer.
In brief, the changes are:
If you have any queries around these changes and how they may impact your PI insurance or firm, please do contact our experienced team.
Cox Mahon are market leaders in the commercial property sector. We are recognised for our ability to understand specialist businesses operating in niche areas by our clients and we are extremely proud that a significant number of our client relationships can be measured in decades, rather than years.
Source: RICS UK website