Proposal to change RICS Professional Indemnity Insurance (PII Arrangements) - UK and Ireland a consultation [Electronic resource]

RICS requires that all regulated firms must hold ‘adequate and appropriate’ indemnity as a protection for the clients they In the UK and Ireland, the Standards and Regulation Board requires firms to hold professional indemnity insurance (PII) that meets RICS’ Minimum Policy Wording. As a result of changing market conditions and an increased capacity within the market to write PII, RICS is proposing a number of changes to its Minimum Policy Wording. We consider that these changes will maintain the highest possible levels of consumer protection and help firms to manage their liability effectively. This consultation forms part of RICS’ policy development process, to ensure that the impact of any policy change has been properly assessed and stakeholders have been consulted on This will help us develop a final position that is proportionate to the identified problems. Considers in particular fire safety and cyber insurance cover. The aim of this consultation is to gather feedback and views on the proposed changes to the existing PII policy in the UK and the existing PII policy in Ireland, in the context of updates to the minimum policy wording which will come into effect on 1 April 2024. Consultation open between 20 November 2023 and 31 December 2023.