Professional Indemnity Requirements of Professional Bodies
A number of professional bodies require minimum standards of professional indemnity insurance for their membership.
The Royal Institute of Chartered Surveyors (RICS)
All regulated practices need to have adequate and appropriate professional indemnity insurance (PII) in place that complies with the requirements of RICS Rules of Conduct for firms. RICS provide extensive guidance on professional indemnity insurance for surveyors.
The Architects Registration Board (ARB) and The Royal Institute of British Architects (RIBA)
The Architects Registration Board (ARB), requires architects to have adequate and appropriate professional indemnity cover to practice and provides extensive guidance on PI insurance for Architects. The minimum limit of indemnity is calculated based on the practice’s turnover. The Royal Institute of British Architects (RIBA) has similar requirements of its members.
Propertymark ARLA, NAEA and NAVA
Propertymark, launched in February 2017, combines into a single brand The Association of Residential Letting Agents (ARLA), The National Association of Estate Agents (NAEA) and the National Association of Valuers and Auctioneers (NAVA), all of whom require their members to have in place suitable professional indemnity insurance.
The UK Association of Letting Agents (UKALA)
UKALA require all Members to provide evidence of adequate Professional Indemnity Insurance cover for their Business. They provide guidance on professional indemnity insurance for letting agents.
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