Hi guys
I work in the UK. I carry out land and measured building surveys for property developers. I occasionally do setting out.
My surveys normally show roof levels of neighbouring properties and site boundaries in addition to lots of other site and local details.
How much professional indemnity insurance should I carry?
Cheers, Andrew
I am based in Ireland and have been carrying ?ª1m of cover for the past 10+ years. This has usually been sufficient for the type of projects I work on which sound similar to what you do. However many public projects are beginning to ask for ?ª6.5m more and more. If you are just working for private clients you may be ok with c ?ª1m but it might be worth checking if you have any public projects that require higher.
I am based in Ireland and have been carrying ?ª1m of cover for the past 10+ years. This has usually been sufficient for the type of projects I work on which sound similar to what you do. However many public projects are beginning to ask for ?ª6.5m more and more. If you are just working for private clients you may be ok with c ?ª1m but it might be worth checking if you have any public projects that require higher.
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Thanks Totalsurv
I'm a one-man band, I don't do public projects.
How do you work out how much you need? Do you base it on the cost of the builds you're surveying land for? Can you put a clause in your terms and condition that says you carry ?1 million liability and your liability is limited to that?
However, you could get sued by someone who is not your client. Say you measure some ridge heights incorrectly (you make a blunder) and get them out by 2 metres. The neighbour of your client could sue you.
I've seen some drawings that have a clause like "all measurements should be checked before construction begins". This would be a great way to get out of any errors you make?
Cheers, Andrew
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The professional bodies here were recommending that figure a few years back. Maybe contact the RICS and see what they are recommending.
limits here in the states vary between Federal and County cities etc. and usually float between 1-3 million.?ÿ it's overkill for someone who doesn't have 1 million or more in assets, and it's been a while since I shopped, but general umbrella liability was about 1500-2000 for me but that changes with the amount of money (i.e business you do and risk increasing with more clients)
it is what it is.
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lawyers and Insurance companies don't ever seem?ÿ to lose money very often.., ?????ÿ
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